One of Jersey City’s up and coming neighborhoods just had a newer development along its main stretch change hands while netting one of the highest price-per-unit rates among recent sales.
Redwood Realty Advisors recently announced that an undisclosed investor has acquired a new 16-unit luxury apartment building at 327 Communipaw Avenue for $6.65 million. The property, which also included a 1,700 square foot ground floor retail space, sits at the road corner with Pine Street.
Jersey Digs has been covering the project since way back in 2018 when it first emerged. It launched last year under the name The Common on Pine following construction wrapping at the site.
Brokers with the firm represented the seller in the transaction and noted that the per-unit price of $391,176 was among the highest in the area for investment sales, as buyers continue to see opportunity in the city’s resurgent Bergen-Lafayette neighborhood.
“What made this deal truly stand out was the buyer’s ability to recognize the long-term value of this property despite some near-term challenges,” said Steven Matovski, one of the brokers at Redwood Realty Advisors. “I’m thrilled to have been able to facilitate this record-setting sale and continue raising the bar for multifamily investments in the area.”
Amenities at the 327 Communipaw Avenue property include a rooftop lounge with panoramic views of the Manhattan skyline, a fully equipped gym, a laundry room with commercial-grade washers/dryers, and storage for residents.
The property is just a few steps away from neighborhood landmarks including Harry’s Daughter, Mordi’s Sandwich Shop, and Pinwheel Garden that have helped drive a renaissance in the Bergen-Lafayette area. 327 Communipaw was listed as 75% occupied prior to the sale.
