8-24-18

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Setting a new benchmark in the area Capital Realty’s Greenstein arranges milestone $130M transaction inBayonne/UnionCity

ISSUE HIGHLIGHTS Volume 30, Issue 15 August 24 - Sept. 13, 2018

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with its impressive immediate access to mass and vehicle tran- sit options are major bargaining chips when it comes to decid- ing where to live,” Greenstein explains. All the properties are less than a 35-minute drive from Manhattan, with the new Hudson Yards development on the West Side of Manhat- tan within view from Union City and Bayonne expecting to launch a Manhattan-bound ferry and upzone many of the transit-focused areas near the Hudson Light-Rail. “The buyer was definitely drawn to the rent decontrol laws recently enacted in Bay- onne and the low vacancy rates in Union City,” Greenstein said. “He views these properties as having significant value-add potential and plans to update the apartments upon vacancy.” This transaction comes in the wake of Capital Realty’s recent involvement in the sales of 600 units in Union City, Jersey City, West New York, and Bayonne that totaled in excess of $75 million. 

NION CITY/ BAY- ONNE, NJ — Mark- ing one of the larg-

SPOTLIGHTS

e s t mu l t i - family deals in Bayonne and Un i on Ci t y based on the total sale price and the number of units ex- changed in a single trans-

Benjamin Greenstein

action, Capital Realty Asso- ciates has arranged the dispo- sition of 66 multifamily build- ings consisting of 919 units in a $130 million sale. Capital Realty president, Benjamin Greenstein represented the seller and procured the buyer, a private investor. “The sheer volume of the Bay- onne and Union City portfolio presented a challenge when trying to find the most suit- able buyer,” said Greenstein. “A longstanding relationship with the seller developed into a confidence that Capital Realty would be best-suited to facili-

Section 5-22B

Bayonne and Union City portfolio

tate this complex transaction.” “The buyer believes that we are still a distance from the apex of Hudson County’s rent boom, and he was therefore eager to extend his foothold into this burgeoning market,” Greenstein says. With Hudson County recognized as home to the country’s four most densely populated cities (Union City ranking second on the list), asking rents are expected to appreciate significantly in the area. “It was definitely a rare multifamily acquisition oppor-

tunity simply based on its size and highly strategic location,” adds Steven Follman , vice president/sales manager at Capital Realty. Nestled right across the Hudson River and less than five miles from Manhattan, Bayonne and Union City have been magnets for young profes- sionals, artists, and hipsters who appreciate the relatively inexpensive cost of living and vibrancy the communities of- fer. “The metro’s proximity to high-profile employers along

PA/NJ/DE CONFERENCE & DEAL MAKING Section C

GoldmanSachs AssetManagement PREacquires an 821-unit multifamily property inPhiladelphia

Section D MAREJ EVENTS September 20, 2018 New Jersey Multifamily Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

PHILADELPHIA , PA — Goldman Sachs Asset Management Private Real Estate (GSAM PRE) has ac- quired Chestnut Hill Village, an 821-unit multifamily prop- erty located in the Chestnut Hill submarket of the Philadel- phia Metropolitan Statistical

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Snapshots from The 3rd Annual Philadelphia Healthcare & Medical Properties Conference....... 7A Business Card/Billboard Directory............... 7, 9, 11A Owners, Developers & Managers............... Section B 40/40......................................................... Section D Shopping Centers....................................... Section C

Chestnut Hill Village

Area (“Philadelphia MSA”). The Property offers conve- nient access to retail amenities and public transportation with the Chestnut Hill SEPTA train station located immediately adjacent to the Property, which provides direct access into downtown Philadelphia. The Property also provides highway access via I-76, I-476, Route 309 and the Pennsylvania Tpke. to the major employment nodes

across the broader Philadelphia MSA. GSAM PRE plans to improve the Property through a unit renovation program that will include new flooring, kitchen countertops, cabinetry and fixtures. GSAMPRE also plans to make common area improve- ments throughout the Property. “We believe that the prop- erty’s location will be attractive to tenants because it provides

access to both retail amenities and public transportation. We also believe this asset’s dif- ferentiated physical attributes and a diverse unit mix will ca- ter to a variety of renters in the market,” said Joseph Gorin , co-head of GSAM PRE. Chestnut Hill Village is GSAM PRE’s eighteenth mul- tifamily investment. GSAM PRE owns 5,600 multifamily units across the US. 

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