6B — April 28 - May 11, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers In the “Cradle of Multi-Family Investment” Gebroe-Hammer Associates arrange Jersey City South portfolio sale
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$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 cen- trally situated within the Greenville neighborhood at the southernmost point of Jersey City. “In recent years, the neigh- borhood has undergone a major transformation as- sociated 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 walk- able and bikeable and offers abundant parking. It also is located near light-rail services and several bus routes di- rectly linking to Manhattan, the county’s surrounding mu- nicipalities and further into New Jersey. In addition, I-78, I-287, NJ Turnpike, Garden State Parkway and Rtes. 1 & 9 are easily accessible. “In general, properties with value-add opportunities – in- cluding those within the Jer- sey 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 success- fully extended inland due to two factors – affordability and range of transportation options. These sweeping rede- velopment initiatives continue to attract the demographic co- hort of those born in the 1980s and early 1990s – those who have completed their college education, established them- selves 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 apart- ment-rental units submarket wide. In addition to arranging the disposition/acquisition of 192 units throughout Jersey City on behalf of private in- vestors, REITs, private equity firms and other institutional investors, he closed $68.55 mil- lion is sales in West New York and Union City. Nicolaou’s reach also extends beyond Hudson County to include surrounding counties, the en- tire state of New Jersey and Northeast. n
UDSON COUNTY, NJ —Hudson Coun- ty’s well-established
cities are not only home to a younger, workforce-age generation with an endur- ing preference for urban liv- ing, they also are a cradle of multi-family investment sales activity for Gebroe-Hammer Associates and the firm’s area market specialist, se- nior vice president Nicholas Nicolaou . In his latest trans- action, Nicolaou represented the seller, an independent real estate investment firm, and identified the buyer in the
232 Bidwell Ave.
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