Jersey City, N.J. – Hudson County’s well-established cities are not only home to a younger, workforce-age generation with an enduring preference for urban living, they also are a cradle of multi-family investment sales activity for Gebroe-Hammer Associates and the firm’s area market specialist, Senior Vice President Nicholas Nicolaou. In his latest transaction, Nicolaou exclusively represented the seller, an independent real estate investment firm, and identified the buyer in the $7.75 million sale of a 72-unit Jersey City South portfolio.
Comprised of three separate buildings located in close proximity to one another at 158 Bergen Ave. (25 units), 162 Bergen Ave. (26 units) and 232 Bidwell Ave. (21 units), the portfolio is centrally situated within the Greenville neighborhood at the southernmost point of Jersey City.
“In recent years, the neighborhood has undergone a major transformation associated with revitalization of Downtown Jersey City and proximity to suburban Bayonne, which gives its multi-family properties an edge over those located in other parts of the city,” said Nicolaou, who noted the sale garnered a $107,600 per-unit price. “Since it is ideal for those looking to live close to Downtown Jersey City or Manhattan without constant noise, the district is a popular community for families as well as singles.”
Like many of its Hudson County counterparts, the neighborhood is very walkable and bikeable and offers abundant parking. It also is located near light-rail services and several bus routes directly linking to Manhattan, the county’s surrounding municipalities and further into New Jersey. In addition, I-78, I-287, NJ Turnpike, Garden State Parkway and Routes 1 & 9 are easily accessible.
“In general, properties with value-add opportunities – including those within the Jersey City South Portfolio – have the potential to achieve or are achieving at-or-above market-rate rents upon turnover with minimal-to-extensive capital improvements,” said Nicolaou. “Gentrification has successfully extended inland due to two factors – affordability and range of transportation options. These sweeping redevelopment initiatives continue to attract the demographic cohort of those born in the 1980s and early 1990s – those who have completed their college education, established themselves in a career and shunned their Baby Boomer parents’ suburban homeownership aspirations.”
During the past 15 months, Nicolaou has closed more than 17 Hudson County sales throughout West New York, Union City and Jersey City. His sales activities total $85 million and involve 733 apartment-rental units submarket wide. In addition to arranging the disposition/acquisition of 192 units throughout Jersey City on behalf of private investors, REITs, private equity firms and other institutional investors, he closed $68.55 million is sales in West New York and Union City. Nicolaou’s reach also extends beyond Hudson County to include surrounding counties, the entire state of New Jersey and Northeast.
Gebroe-Hammer is the leading multi-family investment sales brokerage firm in New Jersey and the entire tri-state region. In 2016, the firm closed more than 132 deals involving 12,117 total units sold for $1.83+ billion while concentrating on suburban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is a 12-time CoStar Power Broker.