2B — May 12 - 25, 2017 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey Properties are situated in one of the most stable markets in NJ Matovski of Redwood Realty Advisors closes 7 apt. buildings
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chasers. The properties in- cluded: • 3469 Kennedy Boule- vard in Jersey City • 3420 Bergenline Ave. in Union City • 185 Ave. E in Bayonne • A 4-building package in Union City and West New York All properties are situ- ated in one of the most ma- ture and stable markets in New Jersey and are within walking distance of major transportation hubs in Hud- son County. The properties include a mix of 1 BR, 2 BR
and 3BR units that are all separately metered. “These properties are very desirable due to the strong in place cash flow, which provides short-term stability with fu- ture upside for the buyers,” said Matovski. The apartment building located at 3469 Kennedy Boulevard in the Heights neighborhood of Jersey City traded for $1,120,000 or $140,000 a unit. “The prop- erty has significant value- add potential to be gained through the renovation and repositioning of the units as this section of Jersey City has seen tremendous rent growth,” added Matovski. The 185 Ave. E property is located in the Consta- ble Hook neighborhood of Bayonne and traded for $415,000. “The building’s location just steps from the 22nd Street Light Rail made it quite attractive to our buyer. There also are many new developments sprouting up along Ave. E, and our cli- ent will look to benefit from the strong rental market in the immediate area,” said Matovski. 3420 Bergenline Ave., which is located along Hud- son County’s largest retail thoroughfare, traded for $1.845 million or $307,000 a unit. “We had several com- petitive bids on the property. Ultimately, a 1031 buyer looking to further expand their existing urban retail footprint in Northern Hud- son County came in with the best price and terms,” said Matovski. North Hudson Portfolio, a four-building package in Union City and West New York, traded for $2.65 mil- lion. The properties were acquired by a 1031 investor who was eager to purchase a value-add asset in a core market along New Jersey’s Gold Coast. “We are very pleased with the work Mato- vski, and the entire Redwood Realty team, has done in successfully executing these transactions,” said Thomas McConnell, CCIM , man- aging partner at Redwood Realty. “The sales activity also shows the continued op- portunities for both buyers and sellers in the market, especially as it relates to well-located, value-add as- sets.” n
udson Coun- ty, NJ — Red- wood Realty Ad-
1-800-SEBCO-88 (1-800-732-2688)
visors ar- ranged the sale of seven apartment b u i l d i n g s in Hudson County in Mar ch f or a combined acquisition price of $6
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Steven Matovski
million. Director Steven Matovski represented the sellers in each transaction and also procured the pur-
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