Ariel Lines Up JV Equity for Northern NJ Apartment Acquisition
The Capital Services Group for Ariel Property Advisors has arranged more than $9 million in joint venture equity for the $39-million acquisition of Waldwick Station, a 111-unit multifamily property in Northern New Jersey. Ben Schlegel, a director in the Capital Services Group at Ariel Property Advisors, and Paul McCormick, partner, Sales Management, represented the borrower.
“This transaction illustrates the strong appetite from JV Partners for new construction properties located in supply-constrained suburban areas surrounding New York City,” said Schlegel. “By running a thorough process our team is creating strategic partnerships between JV investors for the right transactions.”
Located at 41 W. Prospect St. in Waldwick, NJ, the property was built in 2017 and features 110 residential units and one commercial unit across 100,000 square feet. Situated just west of an NJ Transit Main/Bergen County Line stop, Waldwick Station offers convenient commuter rail access to Manhattan and is proximate to Waldwick’s downtown shopping district.
