212 Myrtle Ave. in Jersey City — Courtesy: Cervelli Real Estate and Property Management
By Joshua Burd
A longtime apartment owner in Jersey City has added a six-unit building in the Bergen-Lafayette neighborhood, in a deal arranged by Cervelli Real Estate and Property Management.
According to a news release, the property at 212 Myrtle Ave. generated strong investor interest despite challenges such as underperformance, rent-controlled units and low in-place rents. A weaker market and a tightening lending environment further complicated the transaction, Cervelli said, but noted that the building received seven offers and ultimately closed with a qualified cash buyer.
Cervelli’s Gary Baez spearheaded the transaction.
“This was a three-year process, and Gary and the Cervelli team truly went above and beyond to get the sale done,” the undisclosed seller said in a written statement. “They achieved what felt impossible, overcoming rent control challenges, vacancies and financing hurdles while using Cervelli’s network within the CCIM community to identify two 1031 exchange properties while we were under contract.”
The brokerage team described the buyer as an experienced multifamily operator familiar with Jersey City’s market conditions, rent control regulations and capital improvement process. That allowed it to see the long-term potential of an asset that has open-concept layouts and was delivered largely vacant at closing, Cervelli said, allowing for “immediate value-add potential” through renovations and building upgrades.
