CBRE has arranged the sale of Lexington Riverview, a Class A multifamily property in the Bergen County community of Fair Lawn, NJ, for $14.9 million. The transaction involved CBRE Institutional Properties and CBRE Investment Properties, with the brokerage teams coordinating on behalf of the seller and buyer.
The CBRE team was led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg of CBRE Institutional Properties, working in partnership with Charles Berger of CBRE Investment Properties. CBRE represented the seller in the disposition, while David Ferber of Matthews provided representation for the buyer.
Lexington Riverview is described as a boutique luxury apartment community and is designated as a Class A multifamily asset. Completed in 2021, the property comprises 43 market-rate apartments, indicating a relatively small but high-quality rental offering within the local Bergen County housing stock.
The community is located along the Passaic River, providing residents with waterfront views. The riverfront positioning is a core feature of the asset, potentially enhancing both the living environment and the long-term appeal of the property within the competitive northern New Jersey rental market.
Accessibility is another point of differentiation for Lexington Riverview. The property lies approximately one mile from NJ Transit’s Radburn Train Station, which offers daily service into New York. Travel time to New York is reported at roughly 45 minutes, underscoring the property’s connectivity to a major employment and cultural hub.
In commenting on the sale, Berger noted that the team generated significant interest in the asset by combining CBRE’s institutional and private capital platforms. He added that the team was pleased with the execution, particularly in light of current market headwinds associated with interest rate volatility.
The completed sale of Lexington Riverview highlights ongoing investor activity in Class A, market-rate multifamily assets in Bergen County, even as capital markets participants navigate a shifting interest rate environment. The combination of recent construction, boutique scale, waterfront setting and commuter rail access formed the basis of the offering’s positioning to the buyer pool.
The transaction also illustrates how brokerage teams are leveraging multiple capital channels within a single platform to reach diverse investor profiles. While pricing and specific buyer and seller identities were not disclosed beyond the $14.9 million total consideration, the marketing process and ultimate closing signal that well-located, recently delivered multifamily properties continue to attract attention in Fair Lawn and the broader New York metropolitan area.
