Rochelle Park, New Jersey-based real estate redevelopment company, Tulfra Real Estate and its joint venture partner of 30 years, The Hampshire Companies, have announced the sale of Molly Brook on Belmont, an upscale apartment community in North Haledon, New Jersey. The buyer is JLL Income Property Trust, an institutionally managed, daily NAV REIT with more than $7 billion in assets under management. The 180-unit property sold for $89 million. The partners and the Tulfra Development Team spent 10 years planning, entitling,
building and leasing the project.
The brokers on the transaction were Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch of Cushman & Wakefield, Inc., who represented the seller and procured the buyer.
“This transaction was a culmination of months of hard work by many professionals and we are grateful to all of them for their efforts and for making this transaction happen,” said Sonny Jumani, CEO and president of Tulfra Real Estate.
Ted Millspaugh and James Moxley of Venable, and Lucille Karp and Jim Ray of McElroy Deutsch were the buyer’s counsel.
Debbie Gregg and Cecilia Lassiter of Sills Cummis & Gross represented the seller. The lender’s counsel was David Ebby and Steve Anella of Faegre Drinker Biddle & Reath. The lender was undisclosed.
Molly Brook is professionally leased and managed by Bozzuto Management, who will
continue under new ownership.
The mortgage brokers were Gretchen S. Wilcox, Al Raymond, and Wesley Wilcox of G.S. Wilcox & Co.
The 180-unit apartment community quickly became known for its resort-style amenities and a suite of unique state-of-the-art outdoor features. The project reached 100% occupancy in less than 12 months.