Harrison, N.J. , Oct. 11, 2016 — The Hampshire Companies along with joint venture partner, CrownPoint Group, and project advisor, Circle Squared Alternative Investments have announced the sale of 221 Bergen, a 104-unit luxury residential complex on Bergen Street in Harrison, N.J to TAK Group. Located in the River-bend section of Harrison, 221 Bergen broke ground in October of 2014 and opened on October 2, 2015 quickly reached full occupancy in May 2016 just seven months after opening.
“From day one this project created an excitement within Harrison and as the complex progressed it created a new energy becoming vital part of Harrison’s renaissance,” said Norman A. Feinstein, Vice-Chairman of The Hampshire Companies. “Through our investment strategy we were able to lease-up the entire complex in just seven months after opening and position the property for sale allowing us to capitalize on the high demand for quality multi-family housing in transit-oriented areas. Together with our partners, we were able to deliver an attractive product to both residents and investors making this project very successful.”
Situated on nearly one and a half acres, 221 Bergen features two 52-unit luxury residential buildings with one and two-bedroom rental units that are geared toward today’s young, urban professionals. Amenities include a Resident’s Lounge with a kitchen and entertainment area, a fitness room with Life Fitness equipment, a yoga room with an On Demand Kiosk loaded with 140 pre-recorded classes, furnished rooftop terrace with upscale seating and umbrellas, spacious greeting lobbies and available one car garages with openers and storage units.
“We identified this opportunity in late 2012 and quickly realized the uniqueness of the location and the ability for us to create a first class property with a boutique feel. Our partners caught our vision from the very beginning and supported our efforts from design, through development, through final lease up. We are extremely proud of our team’s efforts and success,” said Jeffrey Milanaik, CEO of CrownPoint Group.
“221 Bergen was a great opportunity and provided the perfect mix of location, quality and demand to make this a highly successful project,” said Jeffrey Sica, Founder and President of Circle Squared Alternative Investments. “Partnering with experienced developers such as The Hampshire Companies and CrownPoint Group turned an opportunity into a tremendously successful community beating delivery timelines in every phase from construction through leasing and disposition of the asset. We’re proud to be a part of this shared success and to have played a role in Harrison’s continued renaissance.”
All one and two-bedroom luxury apartments at 221 Bergen feature nine-foot ceilings, entry foyers, full-sized washer and dryers, recessed and pendant lighting in the kitchen with quartz countertops with “roundover” edges, gas stoves with outside ventilation, Whirlpool™ stainless appliances, WiFi access throughout the building and optical cables for choice between Comcast or Verizon. Bathrooms feature a tub and shower surrounded by ceramic tile, cultured marble vanity top integral bowl and Moen™ bath accessories. All residences feature individually controlled central air conditioning and energy efficient heating. Walk-in closets, secured storage and garage parking is available.
Located within Harrison’s Waterfront Redevelopment Area, the property is located one quarter mile away from the PATH station offering direct access to New York City, as well as NJ Transit, Amtrak and major area highways including I-280, I-95 and Route 21.
About The Hampshire Companies
The Hampshire Companies is a full service, private real estate investment firm with assets valued at more than $2.3 billion based in Morristown. N.J. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at www.hampshirere.com.
To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook (www.facebook.com/HampshireRE/), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).
About CrownPoint Group
CrownPoint Group, LLC is a privately held real estate investment, development and construction firm with over 30 years of experience serving the Tri-State area. The company’s commitment to integrity and high standards of excellence translate into a quality result.
The company’s success is rooted in its diverse construction background. In addition to residential work, CrownPoint is known for its mixed-use, commercial and industrial projects along with numerous renewable energy ventures. For more information on CrownPoint visit www.crownpointgroup.com
About Circle Squared Alternative Investments
Circle Squared Alternative Investments is a firm devoted to uncovering alternative investment opportunities in real estate, private equity and private credit among others. In addition, the firm’s team will serve as coaches and mentors to financial advisors, helping them to better understand and communicate to their clients the role and advantages of alternative investments in a portfolio. For more information about Circle Squared, visit www.circlesquaredalts.com.
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