546 and 565 Bergen Ave. in Jersey City — Courtesy: Hudson Atlantic Realty
By Joshua Burd
A real estate investment firm has sold a two-building, 68-unit apartment portfolio in Jersey City for $13.8 million, in a newly announced deal by Hudson Atlantic Realty.
According to the listing team, which represented Axial Partners in the sale, an undisclosed investor purchased the properties at 546 and 565 Bergen Ave. The deal closed with a hard, noncontingent contract that Hudson Atlantic said was rare in an environment of rising interest rates, tighter lending standards and general uncertainty in the capital markets, making the deal noteworthy while highlighting the appeal of well-located multifamily assets in Jersey City.
The portfolio includes 68 rent-controlled apartments and one retail space.
“This transaction highlights the depth of investor demand for Jersey City multifamily, even for older rent-controlled assets,” said Adam Zweibel, president of Hudson Atlantic Realty. “Our strategic process produced multiple qualified offers and ultimately delivered a record-breaking outcome for our client.”
Nick Favorito, a vice president at Hudson Atlantic Realty, identified the buyer, touting the portfolio’s proximity to the Journal Square PATH station, major highways and key employers such as Saint Peter’s University, Jersey City Medical Center and Christ Hospital.
“In today’s market, executing a noncontingent deal is extremely rare,” Favorito said. “This closing illustrates that serious investors remain ready to deploy capital aggressively for the right opportunities, especially in transit-oriented submarkets like Jersey City.”
