Matthews has arranged the $3.17 million sale of a four-building, 27-unit apartment portfolio in Union City and West New York. — Courtesy: Matthews
By Joshua Burd
A private investor has purchased a four-building, 27-unit apartment portfolio in Hudson County for nearly $3.2 million, according to a brokerage team with Matthews.
In a news release, the listing team said the deal includes three properties in Union City — 529 27th St., 214 44th St. and 333 47th St. — and 325 53rd St. in West New York. Roughly 89 percent of the units are two-bedroom apartments, Matthews said, making for an attractive mix with a location that is minutes from Midtown Manhattan.
The listing generated nearly 10 competitive offers over a 45-day campaign and drew an active local investor seeking to expand in the neighborhood, the brokerage firm said. That allowed the seller to complete all four closings within a two-week period.
Matthews Senior Vice President and Director David Ferber brokered the $3.17 million deal.
“This sale demonstrates that well-located multifamily assets continue to command significant investor interest, even in today’s market,” Ferber said. “The combination of exceptional locations, quality brick construction, and the ability to acquire meaningful scale through one portfolio made this a compelling opportunity. Pair that with convenient access to Manhattan and strong long-term rental demand, and buyers were willing to compete aggressively.”
