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Englewood luxury apartment complex hits the market at $85M valuation

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BNE Real Estate Group, Boston-based GID and Sterling Properties announced plans last week to offload a 185-unit One William luxury complex in Englewood, Real Estate Alert reported. The joint venture is seeking to trade the property at 1 William Street, which opened in May 2018 and is now 98 percent leased, for $85 million. That would represent an initial yield of 4.75 percent, according to REA, which noted that BlueGate Partners will advise the selling party. Amenities at the development include a pool terrace with a swimming pool, private barbecue stations, a courtyard, private fitness center, children’s playroom, and a Wi-Fi lounge with work stations and conference rooms, according to NorthJersey.com. The five-story Englewood complex, as previously noted by The Real Deal, was developed on the site of a former firehouse and school. Englewood sold the land to BNE and Sterling Properties, both of which are based in Livingston, for $7.9 million in 2017. Capital One Bank was the lead lender for development of the property, which was also awarded a 15-year PILOT, starting at 12 percent. [REA]