Boca Raton, Fla.-based real estate investment firm Waypoint Residential is embarking on its first residential redevelopment in the Garden State following the purchase of adjoining properties in Hackensack for $7.45 million.
Hackensack-based Alexander Anderson Real Estate Group announced the sale Monday. The firm represented both Waypoint and the seller, Holman Realty Associates.
Waypoint has plans to redevelop the properties into a 4-story, 235-unit apartment building: Walcott Hackensack.
“We choose [sic] the city of Hackensack based on its strategic location in Bergen County, its strong daytime population, its development-oriented revitalization plan and its growing affluent population,” Waypoint Residential Senior Vice President of Development Jim Driscoll said in a release.
The properties at 437-439 Main St. and 445-451 Main St. most recently served as an office and warehouse for Homan Moving Systems.