Denholtz Properties snagged a North Bergen apartment complex with 214 apartments for $89 million.
The four-building complex, “Solo at North Bergen,” is at 4828 Tonnelle Avenue, which was the site of a defunct, five-acre trailer park when the township approved plans for the apartments in 2015. The complex is a three-minute walk from a Hudson-Bergen Light Rail station.
Denholtz, based in Red Bank, New Jersey, and led by Steven Denholtz, purchased the apartment complex from SYM Properties, headed by founder Leon Mayer. Rents for available units range from $2,000 for studios to $3,300 for two-bedrooms.
“Throughout the past few years, the expansion of our multifamily portfolio in the Northeast and Southeast has been our primary focus,” said Stephen Cassidy, president of Denholtz Properties, in a statement to The Real Deal.
Base Realty Group’s Jonathan Brody and Michael Schattner represented both the buyer and seller in the deal. Brody recently founded Base, an investment sales brokerage focusing on multifamily and industrial, after leading Rosewood Realty Group’s national sales division.
Denholtz has also done a number of deals in Florida.
It has been a slow year for investment sales, in part because of interest rate increases, but Cassidy said the firm is looking to “capitalize on ground-up development, redevelopment, and acquisition opportunities in the current market.” The company also has a property management arm.
The Tonnelle Avenue buildings are each three stories. The complex includes a clubhouse, outdoor pool, sauna, fitness center, grilling station.
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The purchase price works out to $416,000 per unit. The apartments have open kitchens with islands, designer finishes, hardwood floors, walk-in closets, granite countertops and double-door refrigerators, according to Denholtz.
Edgewater-based developer James Demetrakis built the complex. He later got himself into some trouble with the law, helping controversial developer Fred Daibes obtain more than $4 million in loans by portraying himself and his children as borrowers.
Demetrakis pleaded guilty to one count of conspiracy to make false entries to deceive a financial institution and the Federal Deposit Insurance Corporation in 2019. He was sentenced to probation.