Union City Rental Complex Trades for $31M

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One23 Apartments 123 44th Street Union City
One23 Apartments at 123 44th Street, Union City. Photo via Zillow.

A consortium of New York-based investment firm Maya Capital Partners, Harbor Group International, and a private family office recently acquired an 80-unit development in Union City for $31 million. The property, located at 123 44th Street and called One23 Apartments, features one- to three-bedroom apartments starting at $1,875.

The property is located less than one mile from the Port Imperial and Bergenline Avenue Hudson-Bergen Light Rail stations and the Port Imperial ferry terminal. Access to New York Penn Station is within 20 minutes, according to the buyer. The property is also located within three blocks of the Union City central business district and Port Imperial.

According to Harbor Group Management, units at the rental complex range from 825 square feet to 1,418 square feet. Amenities at the complex include 24-hour maintenance, on-site management, an outdoor sundeck, and a fitness center to name a few.

The One23 Apartments was developed by a joint venture between Austral Construction and Archer Consultants, according to the New York Post. City property data indicates 123 44th Street last traded in December 2017 from a limited liability company, Maximus OKC Real Estate Fund LLC — based in New York — to RVI Union City LLC which is also based in New York, for $1 million. New Jersey tax records show Maximus OKC acquired the land in 2006 for $700,000.

One23 Apartments is close to 3510-3520 Bergenline Avenue, where a limited-liability firm recently filed an application with the Union City Planning Board to redevelop a mixed-use property into retail and 11 residential units. As previously reported by Jersey Digs, Tapia & Sons, LLC also filed plans to develop an 18-unit, mixed-use property at 1701 Summit Avenue.

Harbor Group International acquired the U.S. Headquarters of Japanese pharmaceutical company Daiichi Sankyo at 211 Mt. Airy Road, Basking Ridge, in 2017. The investment firm is also the owner of the 704-unit Crest residential development in Plainsboro.

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