CBRE brokers $14.9M Fair Lawn apartment sale

CBRE has arranged the sale of Lexington Riverview, a 43-unit apartment building in Fair Lawn, N.J., according to Connect CRE. The price was $14.9 million. That works out to roughly $347,000 per unit. The Class A property, completed in 2021, is a boutique luxury community with waterfront views along the Passaic River. It sits a mile from NJ Transit's Radburn station, putting Manhattan about 45 minutes away by train.

CBRE Institutional Properties led the sale. Charles Berger of CBRE Investment Properties worked with Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, and Eric Greenberg. CBRE represented the seller, and David Ferber of Matthews represented the buyer. Berger told Connect CRE that the team generated "significant interest" by combining CBRE's institutional and private capital platforms, and that the firm was pleased with the outcome given interest-rate volatility.

The report does not name the buyer. At $14.9 million, the price is modest next to the larger multifamily trades the region has seen, but for Bergen County it puts a clear marker on what new, transit-adjacent apartments are worth. All 43 units are market-rate, so the income calculation is simple: no rent-restricted set-asides, just the going lease rate for a riverfront building a mile from the train. The 2021 construction and waterfront position likely set the price, though the report offers no local comparables.

CBRE marketed the asset through both its institutional and private capital platforms, and Berger said the pairing generated significant interest. That suggests the buyer pool for a 43-unit apartment building in the New York suburbs is deeper than the deal size implies. Expect more sub-$20 million trades of this kind as private capital hunts for yield in communities where new construction is scarce.