7516 Kiesel Terrace in North Bergen — Courtesy: Redwood Realty Advisors
By Joshua Burd
Investors have paid a combined $8 million for 60 apartments in Hudson County, in a set of transactions arranged by Redwood Realty Advisors.
In a news release, the firm said the sales span several neighborhoods in the county, with an average price per unit of $132,000. Among them are 265 Union St. in Jersey City and 7516 Kiesel Terrace in North Bergen.
“The tremendous demand for value-add multifamily is being fueled by both local investors and a spillover of Manhattan buyers who are looking to capitalize on areas like Jersey City and North Bergen,” Christopher Nendze, an investment associate at Redwood, said in a prepared statement.
Nendze brokered the deals alongside Redwood Realty Director Steven Matovski, representing both the buyers and sellers.
“We have seen a resurgence in purchasing power in the Greenville Neighborhood where this marks our fourth transaction in the area in the last couple weeks,” said Steven Matovski, a director at the Hasbrouck Heights-based firm.
Redwood Realty said the purchasers plan to renovate and reposition the properties to attract a tenant base of both families and young professionals.
“We are very pleased with the outcome of these transactions,” said Thomas McConnell, managing partner with Redwood Realty. “Steven and Christopher have a deep knowledge of the dynamics and drivers in the Hudson County market, and they were able to get the listings in front of buyers who are hungry for these type of value-add opportunities.”