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Cammeby’s acquires 214-unit NJ apartment community

CBRE announced the sale of Highlands at Westwood, a 214-home luxury apartment community located in Westwood, NJ.

The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the seller, Barings, while also procuring the buyer, Cammeby’s Management Co.

Built in 1999, the community features a resident clubroom with caterers kitchen, pool and sundeck, grilling area, business center, fitness center and yoga room. The apartments feature open floor plans, in-unit washer and dryers, walk-in closets, balconies or patios and oversized windows. Highlands is located one-half mile from the center of Westwood with dozens of highly rated restaurants.

JEFF DUNNE

CBRE’s Jeff Dunne said, “We are pleased to have represented Barings in the sale of this asset.  They have done a fantastic job over the years operating the property as it is one of the most sought-after communities in Bergen County. Occupancy is historically strong, and the asset is in great shape. The result was significant interest in the offering with institutions, fund operators and large private investors all competing to acquire this desirable property.”

“Cammeby’s should do well as they build on the success of the seller in operating the community. The buyer has a significant New Jersey portfolio, and The Highlands at Westwood is an ideal addition for their long-term ownership strategy,” added Pride.

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