Real Estate Journal — New Jersey — March 11 - 24, 2016 — 9B
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N orthern N ew J ersey Waterfront and inland redevelopment efforts attract enduring multi-family investment Gebroe-Hammer arranges three Hudson County apartment complex sales totaling 148 units
UDSON COUNTY, NJ — Hudson Coun- ty’s multi-family prop- erties are primed for rent growth and property apprecia- tion that continues to outpace Northern New Jersey’s six other apartment submarkets, according to Nicholas Nico- laou , senior vice president at Gebroe-Hammer Associ- ates . The Hudson County market specialist, who re- cently arranged three separate trades totaling 148 units sold for $19.3 million in Union City and Jersey City, links optimal property performance and area gentrification to enduring investment activity. “Hudson County is home to Northern New Jersey’s most desirable, high-population- density neighborhoods and its highest concentration of multi-family properties,” said Nicolaou. “Like the migrat- ing Manhattanites in search of rents substantially lower than New York City, develop- ment has moved inland away from the waterfront. As a result, established properties with value-add potential are realizing at-or-above market- rate rents upon turnover and occupancy rates of nearly 98%.” In Union City, where ap- proximately 75% of the munic- ipality’s residents are tenants, Nicolaou arranged the $8.1 million sale of 1405 Palisade Ave., a five-story, 67-unit complex just one-and-a-half miles from the Lincoln Tun- nel. The three-building mid- rise property features a mix of spacious studio, one- and two-bedroom layouts front- ing Palisade Ave. between 14th and 15th Streets. Three blocks south, Nicolaou also represented the seller and the identified the buyer in the $7 million trade of the Puritan and Mayfair Apartments, a 56-unit Renaissance-revival- era low-rise building. Located at 309-315 11th St., at the corner of Palisade Ave., the two walk-up buildings in- clude studios, one- and junior one-bedrooms as well as two- bedroom units. “Part of the famed North Hudson municipalities along the picturesque Palisades, Union City is the most densely populated – in the 50,000+ number-of-residents category – in the United States,” said Nicolaou. “It is now considered a best place to live and work and even retire, according to H
AARP’s latest Top 10 rankings.” Rounding out Gebroe-Ham- mer’s recent Hudson County sales activity is the $4.2 mil- lion sale of 25 units in Jer- sey City’s Journal Square neighborhood. Located at 77 Magnolia Ave., the four-story property is centrally situ- ated within this unique-in- character business district, tree-lined residential area and transportation hub. Cur- rently, Journal Square has several prominent redevelop- ment projects underway that include residential buildings and hi-rise mixed-use towers, all of which are attracting a
“higher-income, professional tenant demographic,” added Nicolaou. “While Hudson County has introduced the greatest num- ber of new units to its inven- tory during the course of the past 10 years, it also has an unrivaled absorption rate on product spanning its total apartment inventory and all property-class categories,” said Nicolaou. “Jersey City and North Hudson’s multi-family investment market has endur- ing appeal among investors attributable to a diverse popu- lation reliant upon apartment living.” n
1405 Palisade Ave., Union City
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