NEW JERSEY—New York City-based AREA Property Partners and West Palm, Beach, Fla.-based Priderock Capital Partners LLC have teamed up to acquired The Heritage at Lyndhurst, a 160-unit mixed-use apartment and retail complex located in Lyndhurst. The seller andterms of the transaction were not disclosed.
Constructed in 2006, The Heritage at Lyndhurst is located 10 miles west of Manhattan along the Passaic River in Bergen County. Of the’s 160 residential units, 80 are currently designated as affordable housing. The residential portion is currently near 100 percent occupancy.
The property also offers five street‐level retail stores and ample parking.
Located within walking distance to Lyndhurst and Kingland stations, the property offers easy access to Manhattan.
The partnership plans to undertake targeted capital improvements and add further amenities to attract tenants. The partnership may also reposition and expand the retail portion of the asset to increase revenue and provide the convenience of additional services for residential tenants.