LOS ANGELES – November 20, 2015 – A fund advised by CBRE Global Investors has acquired The Brownstones at Englewood South, a Class A, 350-unit, mid-rise apartment community with 12,521 square feet of ground floor retail space in the New York metro area. The Brownstones is 98 percent occupied.
Located near the George Washington Bridge at 73 Brownstone Way in the city of Englewood, N.J., The Brownstones benefits from its accessibility to Manhattan and Northern New Jersey employment centers as well as recreational and retail amenities.
The property, which includes unique loft and townhome floorplans in addition to standard “flat” apartments, features high-end unit finishes including granite countertops and stainless steel appliances. The team plans to implement a targeted unit interior upgrade program. The community also features an extensive amenity space that can be effectively upgraded. Common area capital projects will include a clubhouse modernization with updates to the fitness center, enhancements to the pool deck and better utilization of community green space. The team will also be upgrading the operations of the property.
“We plan to improve operations by installing a best-in-class property management company and dedicated asset management supervision, along with the implementation of our ‘Inspired Lifestyle’ customer service program,” said Ben Green, Director, CBRE Global Investors Multi-Housing Group.
“The Bergen County submarket is an established suburban infill submarket known for its barriers to entry, desirable schools, and strong demographics,” said Kim Hourihan, Portfolio Manager, CBRE Global Investors. “These attributes combined with steady economic growth provide a desirable quality of life and will drive future residential demand. “
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.0 billion in assets under management* as of September 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.