Rivet and Rivet 26 at 23 and 26 University Place Blvd. in Jersey City — Courtesy: Cushman & Wakefield
By Joshua Burd
The Hampshire Cos. and Claremont Development have sold a two-building, 362-unit apartment portfolio in Jersey City for $121 million, in a deal arranged by Cushman & Wakefield.
According to a news release, Sym Investments purchased the properties known as Rivet and Rivet 26 at 23 and 26 University Place Blvd., respectively. The deal includes the collection of studio, one-bedroom and two-bedroom apartments as well as a combined 19,552 square feet ground-floor retail space, all of which are part of a high-profile development near New Jersey City University.
Cushman’s Niko Nicolaou, Ryan Dowd JP Hohl, Peter Welch and Alexandria Ebers represented the sellers.
“This deal represents the sale of an institutional-quality asset in a rapidly emerging market on the west side of Jersey City,” said Nicolaou, who co-leads the firm’s Northeast multifamily advisory group alongside Dowd. “The connectivity to New York City positions the community to strongly benefit from the outsized demand for quality housing in the region.”
In announcing the deal, C&W noted that the upscale properties have 75,000 square feet of shared amenity space including entertainment lounges, fitness centers and coworking lounges. Residents are minutes from NJ Transit’s West Side Avenue light rail station, Route 440 and the New Jersey Turnpike, among other highways, while the properties offer a free shuttle service to the Journal Square PATH Station.