70 Tonnelle Ave. in Jersey City — Courtesy: Matthews
By Joshua Burd
A private investor has purchased a 17-unit apartment building in Jersey City for more than $4.1 million, in a newly announced deal by Matthews.
In a news release, the brokerage firm said the property at 70 Tonnelle Ave. generated significant investor interest despite a challenging capital markets environment, producing more than 10 offers within the first 45 days of marketing. That’s due in part to its proximity to the Journal Square PATH Station and strong in-place cash flow from the collection of two- and three-bedroom units, along with what Matthews described as roughly 36 percent rental upside.
David Ferber, a senior vice president and director with the firm, completed the $4.12 million transaction, which equates to $242,000 per unit.
“In a market where transaction volume remains significantly below historical levels, this sale demonstrates that investors are still aggressively pursuing well-located multifamily assets with strong fundamentals,” Ferber said. “Many people assume buyers disappear when rates rise. What we have seen is the opposite. Buyers disappear for average opportunities. Exceptional properties in exceptional locations continue to generate competition, and this transaction is proof of that.”
