The sale of Madison Apartments, a fully occupied 32-unit multifamily complex at 186–192 Madison Avenue in Dumont, highlights the enduring demand for rental properties in the New York Metro commuter hubs.
Sage Investment Real Estate Advisors (Sage) arranged the transaction, representing the seller, Stayce Arms LLC (the original owner since 1960), and procuring the buyer, NWestates LLC, a private investment group expanding its North Jersey portfolio. The final sale price was undisclosed.
The successful trade underscores the robust fundamentals of the Bergen County rental market, particularly for well-maintained, stabilized assets like Madison Apartments.
“The successful sale of Madison Apartments underscores the continued strength of Bergen County’s existing multifamily assets,” Steve Tragash, co-founding partner at Sage said.
Dumont, located just 16 miles from Manhattan, continues to attract professionals and families seeking suburban living with essential urban accessibility. The area is highly desirable due to its proximity to major employment centers, strong community atmosphere, and top-rated schools.
Greg Pine, co-founding partner at Sage, noted that Dumont remains one of the more reliable multifamily markets in North Jersey.
“Demand continues to grow as renters look for more affordable options outside the immediate metro area,” Pine said. “The fundamentals here are still very strong for both stabilized and value-add properties.”
Madison Apartments, originally built in 1960, features four two-story brick buildings comprising a mix of one- and two-bedroom units. The property, which was fully occupied at the time of sale, includes 14 garages, 39 parking spaces, and on-site laundry facilities.
The brokerage firm credited its proprietary process and deep market experience for securing the outcome for the seller, Stayce Arms LLC.
The transaction adds to Sage’s growing record of successful multifamily dispositions across New Jersey and Pennsylvania. Sage Investment Real Estate Advisors recently relocated its main office from Morristown to Livingston.
