N ew J ersey 2B — September 17 - October 21, 2021 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
Well-located apartment buildings spanWest Side, McGinley Sq. &Bergen-Lafayette sections Gebroe-Hammer Associates’ Nicolaou arranges $21.45M Jersey City multifamily portfolio sale
ERSEY CITY, NJ — In New Jersey’s second larg- est municipality of Jer- sey City, Gebroe-Hammer Associates’ executive vice president Niko Nicolaou has arranged the $21.45M sale of a 134-unit multifamily portfolio spanning three of the city’s 13 constituent neighborhoods. In the transaction, Nicolaou exclusively represented the seller, Coltown Properties , and procured the buyer, West of Hudson Properties . Brad Domenico of Progress Capi- tal arranged financing. The early-to-late-20th Cen- J
each offers new ownership tremendous upside associated with being close to Journal Square, which is undergoing sweeping redevelopment. “All of the new product be- ing constructed and delivered in Journal Square is having an extremely positive effect on occupancies and rent ap- preciation in the West Side, McGinley Square and Bergen- Lafayette sections of the city where these properties are all located,” said Nicolaou. “Jersey City and greater Hudson County are experi- encing a new wave of tenant
demand in the pandemic recov- ery period, specifically among upwardly mobile career start- ers and an advanced-degree executive-level tenant base,” he said. “As a result of this accelerated urban-suburban rental lifestyle demand di- rectly across the Hudson River from Manhattan, the Coltown Portfolio and similar-caliber value-add infill-neighborhood apartment properties are at the top of investor wish lists.” In fact, Nicolaou was recent- ly named the exclusive broker for a 54-unit, four-property multifamily package located in Bayonne and Jersey City. The properties are less than six miles of one another and part of a receivership fee-simple real estate sale. “This package of fers a unique opportunity to acquire four extremely well-located apartment buildings with a mix of one-, two- and three- bedroom layouts in North Jer- sey’s largest submarket – all adjacent to New York City,” said the firm’s Hudson County market specialist. “New own- ership has the potential for ‘as-is’ +35% revenue growth associated with achieving at- market rents and even more through modest value-add capital enhancements to units at turnover.” According to Nicolaou, the Bayonne-Jersey City Portfolio features some of the best walk- ability rankings in the nation and immediate connectivity to the region’s extensive mass- transit network and private and public employers. Outdoor spaces and arts, cultural and dining options also are nearby. For 46 years, Gebroe-Ham- mer’s brokerage activities have concentrated on all mul- tifamily types to serve the in- vestment needs of a long-term client base of institutional in- vestors, private equity funds, REITs, family offices and private individuals. While ini- tially focused on New Jersey, the Livingston, NJ-based firm has evolved to also dominate the Eastern Pennsylvania and New York State submarkets as well as represent client in- terests nationally. Widely rec- ognized for its consistent sales performance, the firm is a 17- time CoStar Power Broker and is credited with arranging the largest portfolio sale in 2020 with the highest per-unit price for the MidAtlantic Region and in New Jersey. MAREJ
150 and 154 Belmont Ave., Jersey City, NJ
tury apartment assets includ- ed 150 and 154 Belmont Ave. (26 and 22 units, respectively); 201-203 Claremont Ave. (17
units); 33-35 Storms Ave. (12 units); 35 Kensington Ave. (31 units); and 590 Bergen Ave. (26 units). According to Nicolaou,
MultifaMily firM of ChoiCe
The dominant apartment- focused investment sales brokerage leader in NJ/ Eastern PA/NY State Representing Private Equity Funds, REITs and Institutional Investors as well as generations of Private Individuals and Family Offices. Additional focus on marketing mixed-use and free-standing office and retail properties.
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