327 Communipaw Ave. in Jersey City —Courtesy: Redwood Realty Advisors
By Joshua Burd
An investor has acquired a new 16-unit luxury apartment building in Jersey City for $6.65 million, in a deal arranged by Redwood Realty Advisors.
Brokers with the firm represented the seller in the transaction at 327 Communipaw Ave., which also includes a 1,700-square-foot ground-floor retail space. They noted that the per-unit price of $391,176 was among the highest in the area for investment sales, as buyers continue to see opportunity in the city’s resurgent Bergen-Lafayette neighborhood.
Redwood Realty’s Steven Matovski and Thomas McConnell completed the assignment on behalf of 327 Communipaw LLC.
“What made this deal truly stand out was the buyer’s ability to recognize the long-term value of this property despite some near-term challenges,” Matovski said. “I’m thrilled to have been able to facilitate this record-setting sale and continue raising the bar for multifamily investments in the area.”
According to a post by Traded NJ, 327 Communipaw was 75 percent occupied at the time of closing. Lifestyle International Realty occupies the commercial space.
