JLL Capital Markets has successfully facilitated the sale of Valley View Apartments, a 100-unit multifamily community located at 149 Katz Ave. in Paterson.
The property was sold by Redwood Associates—an affiliate of Value Companies, Inc.—to EOM Equity. JLL represented the seller in the transaction.
Property and market highlights
- Strong occupancy and layout: Built in 1965, the 79,661-square-foot community is 99% occupied and comprises a mix of 76 one-bedroom and 24 two-bedroom homes. Units feature modern conveniences like energy-efficient windows, air conditioning, and select dishwashers and microwaves.
- Value-add potential: According to the brokerage team, the stabilized asset offers clear financial upside for the new owner through future unit renovations and additional income opportunities.
- Thriving local submarket: Situated on the border of Paterson near Wayne and Haledon, the property benefits from close proximity to Route 80 and the Garden State Parkway. Passaic County boasts robust fundamentals, with an average household income of $118,233 and asking rents in the submarket climbing more than 8% over the past three years.
Leadership commentary
The transaction was spearheaded by JLL Capital Markets Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli, alongside Senior Director Elizabeth DeVesty and Director Austin Pierce.
“Valley View has been a well-maintained, stabilized asset in one of New Jersey’s most established multi-housing markets, and that gave the buyer real confidence in the underlying real estate,” Cruz said. “There’s also clear upside ahead through unit renovations and additional income opportunities.”
