FirstService Residential Tapped to Manage NJ Portfolio
- May 10, 2018
Alfred Sanzari Enterprises has named FirstService Residential to manage the firm’s multifamily portfolio in northern New Jersey. The seven properties total 535 units across Bergen and Middlesex counties. Prior to FirstService’s appointment, the owner managed all of the assets in-house. The apartments in the portfolio are almost 100 percent leased, according to Alfred Sanzari.
The largest of the assets, The Ivanhoe, is located at 130 Overlook Ave. in Hackensack. Containing 197 units over 21 stories, the high-rise community offers a mix of studio, one- and two-bedroom apartments along with a three-bedroom penthouse suite. Units range in size from 450 to 2,400 square feet, per Yardi Matrix data.
Another one of the properties, Nottingham Manor, found at 186 Nottingham Court in Montvale, includes a 176-unit mix of one- and two-bedroom units, containing between 700 and 1,036 square feet. The 12-building garden community was constructed in 1964 and offers residents access to laundry facilities and 232 parking spaces. The asset is 98.9 percent occupied, according to Yardi Matrix data from March 2018.
A large multifamily portfolio
The other five assets now under FirstService’s management in New Jersey include:
- Greenway Village, 398-400 Amboy Ave., Metuchen
- Willow Gardens, 265 Willow St., Teaneck
- Queen Anne, 230 Polifly Road, Hackensack
- Prospect/Passaic, 333 Passaic St., Hackensack
- Riverside Terrace, 114 River Road, Bogota
“As our company continues to expand, utilizing resources of a third-party firm with expertise in all facets of day-to-day property operations will allow us to uphold and enhance the quality of our apartment portfolio,” said Ryan Sanzari, COO of Alfred Sanzari Enterprises, in a prepared statement.
Images courtesy of Yardi Matrix