Real Estate Growth Advisors Pay $15M for Swan Court Apartments

11/28/2012

Source: National Real Estate Investor

Real Estate Growth Advisors Pay $15M for Swan Court Apartments
Nov 28, 2012 8:05 PM, By Kelly Stratton, Contributing Writer

NEW JERSEY—Real Estate Growth Advisors LLC, a Highland Park, N.J.-based real estate investment and management company, has purchased Swan Court Apartments, a 126-unit apartment community in Rochelle Park, Bergen County for $15 million. Marcus & Millichap Real Estate Investment Services’ Thomas McConnell and Kevin McCrann, senior associates, represented the seller, Genwill Co. LLC. McConnell and McCrann also represented the buyer.

“The Bergen County multifamily marketplace is an extremely competitive environment with exceptionally high barriers to entry,” said McConnell. “This was the first time the Swan Court Apartments had been available for acquisition and the asset garnered a great deal of attention from public and private investors, both foreign and domestic.”

Built in 1964, Swan Court Apartments is located at 235 W. Passaic St. and is within walking distance of the Garden State Plaza Mall.