Gebroe-Hammer Associates recently announced the $21.45M sale of a 134-unit Jersey City multi-family portfolio, spanning three of the city’s 13 constituent neighborhoods.
The sale in New Jersey’s second-largest municipality of Jersey City featured early-to-late-20th-century apartment assets. The sale included 150 and 154 Belmont Avenue (26 and 22 units, respectively); 201-203 Claremont Avenue (17 units); 33-35 Storms Avenue (12 units); 35 Kensington Avenue (31 units); and 590 Bergen Avenue (26 units).
Executive Vice President Niko Nicolaou arranged the transaction and exclusively represented the seller, Coltown Properties, and procured the buyer, West of Hudson Properties. Brad Domenico of Progress Capital arranged financing.
“All of the new product being constructed and delivered in Journal Square is having an extremely positive effect on occupancies and rent appreciation in the West Side, McGinley Square, and Bergen-Lafayette sections of the city where these properties are all located,” said Nicolaou. “Jersey City and greater Hudson County are experiencing a new wave of tenant demand in the pandemic recovery period, specifically among upwardly mobile career starters and an advanced-degree executive-level tenant base.”
Nicolaou also noted that “As a result of this accelerated urban-suburban rental lifestyle demand directly across the Hudson River from Manhattan, the Coltown Portfolio and similar-caliber value-add infill-neighborhood apartment properties are at the top of investor wish lists.”
Gebroe-Hammer Associates is a Livingston, New Jersey, based firm that offers brokerage activities concentrating on all multi-family types to serve the investment needs of a long-term client base of institutional investors, private equity funds, REITs, family offices, and private individuals.