232 Bidwell Ave. in Jersey City — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A three-building multifamily portfolio in southern Jersey City has changed hands, in a nearly $8 million deal brokered by Gebroe-Hammer Associates.
The firm on Friday announced the sale of the 72 units within the city’s Greenville neighborhood, which fetched a price of $7.75 million or $107,600 per unit. The portfolio includes 25 units at 158 Bergen Ave., 26 units at 162 Bergen Ave. and 21 units at 232 Bidwell Ave.
Nicholas Nicolaou, a senior vice president with Gebroe Hammer and the firm’s market area specialist, exclusively represented an independent real estate investment firm in the sale. He also identified the buyer.
“In recent years, the neighborhood has undergone a major transformation associated with revitalization of Downtown Jersey City and proximity to suburban Bayonne, which gives its multifamily properties an edge over those located in other parts of the city,” Nicolaou said. “Since it is ideal for those looking to live close to Downtown Jersey City or Manhattan without constant noise, the district is a popular community for families as well as singles.”
Nicolaou noted that the neighborhood is walkable and bikeable, while also offering abundant parking. It also is located near light rail services and several bus routes directly linking to Manhattan, the county’s surrounding municipalities and farther into New Jersey.
The location also offers access to interstates 78 and 287, along with the New Jersey Turnpike, the Garden State Parkway and routes 1 and 9.
“In general, properties with value-add opportunities — including those within the Jersey City South Portfolio — have the potential to achieve or are achieving at-or-above market-rate rents upon turnover with minimal-to-extensive capital improvements,” Nicolaou said in a prepared statement. “Gentrification has successfully extended inland due to two factors – affordability and range of transportation options.
“These sweeping redevelopment initiatives continue to attract the demographic cohort of those born in the 1980s and early 1990s — those who have completed their college education, established themselves in a career and shunned their Baby Boomer parents’ suburban homeownership aspirations.”
Nicolaou has closed more than 17 Hudson County sales throughout West New York, Union City and Jersey City during the past 15 months, according to a news release. His sales activities total $85 million and involve 733 apartment-rental units across the submarket.
