EOM Equity Acquires 100-Unit Valley View Apartments in Paterson, NJ From Redwood Associates in JLL-Brokered Deal

EOM Equity has acquired Valley View Apartments, a 100-unit multifamily community in Paterson, New Jersey, from Redwood Associates, an affiliate of Value Companies, Inc., JLL Capital Markets announced Sept. 1.

JLL Capital Markets represented the seller in the transaction. The deal team was led by Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli, along with Senior Director Elizabeth DeVesty and Director Austin Pierce.

Asset Overview: Valley View Apartments

Built in 1965, Valley View Apartments comprises 79,661 rentable square feet at 149 Katz Ave. on the border of Paterson, near Wayne and Haledon. The property's 100 units consist of 76 one-bedroom and 24 two-bedroom homes, averaging 797 square feet. The community was 99% occupied at the time of sale.

Unit features include air conditioning, energy-efficient windows, abundant closet space and wall-to-wall carpeting or hardwood flooring, with dishwashers and microwaves available in select homes. Community amenities include on-site laundry, professionally landscaped grounds and extra storage space. Residents have benefited from ongoing capital improvements over the past several years.

The property sits close to the Garden State Parkway and Interstate 80, with Manhattan approximately 20 miles away.

Value-Add Opportunity Drives Investor Interest

JLL's team highlighted the property's stabilized occupancy and potential for rent growth through unit renovations as key factors in the transaction.

"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," said Cruz. "There's also clear upside ahead through unit renovations and additional income opportunities."

Online listings for the property show one-bedroom rents in the mid-$1,600s to low-$1,700s range in mid-2026, positioning the asset near HUD Fair Market Rent benchmarks for the Bergen-Passaic area. That gap relative to Class A pricing supports the value-add thesis JLL emphasized in marketing the property.

Passaic County Multifamily Market Context

Paterson is New Jersey's third-largest city, and the surrounding Passaic County submarket has seen asking rents grow more than 8% over the past three years. The county reports an average household income of $118,233 and an average home value of $540,882, with 56% of the workforce in white-collar occupations.

Valley View's 99% occupancy rate exceeds the New Jersey multifamily average of approximately 95.5% in the second quarter of 2026, reflecting strong tenant demand for moderately priced rental stock in North Jersey's working- and middle-class cities. Multifamily cap rates in Passaic County generally range between 5.0% and roughly 7%, with older urban assets in cities like Paterson trading toward the higher end of that range depending on asset condition and location.

Value Companies, founded in 1952 and headquartered in northern New Jersey, owns and manages a portfolio of approximately 3,500 residential apartments across New Jersey, New York and Connecticut. The company's third-party management arm, Value Asset Management, provides full-service management and asset solutions to outside real estate investors and property owners.

About JLL Capital Markets

JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, offering investment sales and advisory, debt advisory, mergers and acquisitions, loan sales, equity and fund placement, net lease, derivative advisory and energy and infrastructure advisory services. The group has more than 3,000 specialists in offices across nearly 50 countries.

JLL reported annual revenue of $26.1 billion and operates in more than 80 countries with a global workforce of more than 112,000 as of June 30, 2026.

Sources

JLL Capital Markets — Valley View Apartments in Paterson, New Jersey, trades (Sept. 1, 2026)