A joint venture of institutional private equity firm Citymark Capital and C6 Real Estate Partners has closed on the acquisition of the River Edge at Garfield multifamily property. The duo picked up the 100 unit asset for $27 million or $270,000 per unit. Located at 600 Autumn Lane in Garfield, N.J., the apartment complex was completed in 2017 and features a large outdoor swimming pool, two gyms, virtual doorman and package concierge. C6 Real Estate will handle all aspects of investment execution on behalf of the partnership.
“River Edge is a rare off-market acquisition of luxury multifamily units in tightly constrained Bergen County, N.J. We are excited to bring institutional ownership and management standards to the value creation plan for this asset. The property benefits from being part of a larger master-planned community that includes luxury condos, and is positioned as best-in-class from a quality of life and amenity standpoint,” stated C6 Principal Brian DiSalvo.
