Madison Apartments in Dumont.

By Cecilia Levine From Daily Voice

A 32-unit apartment complex in Bergen County is changing hands for the first time in 65 years.

Sage Investment Real Estate Advisors brokered the sale of Madison Apartments in Dumont, the four-building property at 186-192 Madison Avenue. Co-founders Steve Tragash and Greg Pine represented the longtime owner, Stayce Arms LLC, and brought in the buyer, NWestates LLC, a private group scooping up multifamily assets across North Jersey. The sale price wasn’t disclosed.

Built in 1960 and never before sold, Madison Apartments includes four two-story brick buildings packed with one- and two-bedroom units. The nearly one-acre property comes with 14 garages, 39 parking spaces, on-site laundry, and quick access to major highways, retail hubs, and transit. At the time of the sale, every unit was filled — a landlord’s dream.

Dumont’s popularity didn’t hurt either. Just 16 miles from Manhattan, the borough continues to draw renters looking for suburban calm with urban convenience. “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.”

The deal adds to Sage’s expanding list of multifamily sales across New Jersey and Pennsylvania. The firm, originally based in Morristown, recently moved to 316 Eisenhower Parkway in Livingston as it continues to grow its client roster of private owners, family offices, and institutional investors.