A community of luxury apartments in Westwood has been sold, according to real estate company CBRE.
Highlands at Westwood, which includes 214 units plus amenities, was sold by Barings for an undisclosed amount to Cammeby’s Management Co., the real estate company said in a press release.
The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the seller and procured the buyer.
“We are delighted to have represented Barings in the sale of this asset,” Dunne said in a statement. “They have done a fantastic job over the years operating the property as it is one of the most desirable communities in Bergen County. Occupancy is historically strong and the asset is in very good condition. The result has been significant interest in the offering, with institutions, fund operators and large private investors all competing to acquire this desirable property.
Barings is a global investment manager, while Cammeby’s is a real estate company.
“Cammeby’s should be doing well as they build on the seller’s success in operating the community,” Pride said in a statement. “The buyer has a large portfolio in New Jersey, and the Highlands in Westwood are an ideal addition to their long-term ownership strategy.”