Hudson Mews Apartments at 1305 Paterson Plank Road in North Bergen — Courtesy: CBRE
By Joshua Burd
Hudson Capital Properties has sold a six-building, 288-unit apartment property in North Bergen, in a newly announced deal by CBRE.
The buyer, Sym Investments, paid an undisclosed sum for Hudson Mews Apartments along Paterson Plank Road. Brokers noted that the complex, which was built in two phases, in 2019 and 2022, benefits from a 30-year payment in lieu of taxes agreement while providing investors with upside in rents.
It also benefits from a location that is 15 minutes from New York City and on the western edge of North Bergen, where renters have panoramic views of greater New Jersey. Meantime, they have access to amenities such as a clubhouse with a resident lounge, an outdoor pool, a fitness center, a dog run and a children’s playroom, among others.
CBRE’s Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Daniel Blumenkrantz represented the seller and procured the purchaser.
“Our team continues to find creative solutions to get large multifamily transactions over the finish line despite the challenging economic conditions due to interest rate volatility,” said Dunne, a vice chairman with CBRE. He noted that the team has completed several notable multifamily trades in the tristate area in the past five months — including 200 units at Sutton Landing Deer Park, 225 units at Sutton Landing Mount Sinai, 229 units at Avalon Mamaroneck and 501 units at 15 Bank, in addition to Hudson Mews — for more than $600 million in total value.
“We’re pleased to have represented Hudson Capital on this transaction,” said MacKenzie, a first vice president with CBRE. “Hudson Mews should continue to perform well given the asset’s robust leasing velocity and rent growth coupled with its proximity to NYC and public transit.”
