A 100-unit apartment complex straddling the border of Paterson, Wayne, and Haledon has changed hands for $13.6 million, or $136,000 per unit, with the buyer citing near-full occupancy and renovation upside as the draw. Valley View Apartments at 149 Katz Ave. was sold by Redwood Associates, an affiliate of Value Companies, to EOM Equity, a deal that closed with the property running at 99% occupancy.
The sale was brokered by a JLL Capital Markets team, according to CoStar, and led by Senior Managing Directors Jose Cruz, Mike Oliver, and Steve Simonelli, along with Director Elizabeth DeVesty and Director of Capital Markets Austin Pierce. In a statement highlighted by JLL, Cruz pointed to the property's high occupancy and unit-renovation potential as the primary factors that drove buyer interest.
Valley View spans 79,661 rentable square feet across its 100 units, a mix of 76 one-bedroom and 24 two-bedroom apartments averaging 797 square feet apiece, per the same JLL account. The garden-style community was built in 1965 and has picked up capital improvements over the years, including on-site laundry facilities, extra storage, landscaped grounds, and upgraded windows and hardwood flooring in select units — the kind of maintenance that tends to help a mature suburban property hold its value and occupancy heading into a sale.
Why the Location Matters to Investors
The property's position at the meeting point of Paterson, Wayne, and Haledon gives residents access to major commuter corridors, including Interstate 80 and the Garden State Parkway, roughly 20 miles from Manhattan, notes JLL's release, a detail also cited by Daily Voice. That kind of connectivity to job centers in Bergen, Essex, and Passaic counties is a common draw for suburban rental demand near the North Jersey urban core.
The seller, Value Companies, Inc., was founded in 1952 and operates a portfolio of roughly 3,500 residential apartments spread across New Jersey, New York, and Connecticut, according to JLL. Passaic County itself recorded an average household income of $118,233 and an average home value of $540,882 in 2026, while asking rents in the local submarket grew by more than 8% over the preceding three years — figures that help explain why value-add buyers keep circling stabilized garden-apartment stock in this part of the state.
Rent Control Could Cap the Upside
Active listings this month show units at 149 Katz Ave. advertised between $1,850 and $2,000 per month, averaging around $1,925, which sits 7% below Paterson's overall average apartment rent of $2,069 and 19% below Passaic County's average of $2,377, according to RentalSource. That gap between current rents and the broader county average is exactly the kind of room a value-add buyer looks for, but Paterson tenants and landlords alike operate under a specific local ceiling.
The city regulates rental buildings through its Rent Leveling Ordinance, Chapter 381-4, which caps annual rent increases at 5.0% for most tenants and 3.5% for seniors aged 65 and older or disabled heads of household, per RentCheckMe. That ordinance means any renovation-driven rent growth at Valley View will likely have to work within those annual limits rather than through a single large jump, unless capital-improvement provisions or unit turnover allow for adjustments.
Leasing operations for the property are now listed under the entity 149KZ LLC, which is using AppFolio management software to handle day-to-day operations, per active online property records reviewed by RentalSource — a fairly standard move for buyers looking to separate liability and management for a newly acquired asset.
Part of a Busy North Jersey Trading Season
The Valley View sale lands amid a active stretch for multifamily trading across northern New Jersey. In August, CBRE brokered the $14.9 million sale of the 43-unit Lexington Riverview in Fair Lawn, while Cushman & Wakefield arranged the $131 million sale of the 333-unit Edison Lofts in West Orange, according to Multifamily & Affordable Housing Business. Those deals, taken together with the Valley View transaction, point to sustained investor appetite for North Jersey apartment stock even as local rent-control ordinances shape how much upside buyers can actually capture once the paperwork is signed.
