35-37 West 29th St. in Bayonne — Courtesy: Capital Realty Associates
By Joshua Burd
A private investor has acquired more than 900 apartments across 66 buildings in Hudson County, in a $130 million sale arranged by Capital Realty Associates.
The brokerage firm said Monday that it spearheaded the sale of the 919-unit portfolio in Bayonne and Union City, representing the undisclosed seller and procuring the buyer. Capital Realty also touted it as one of the largest multifamily deals in the cities, based on the total sale price and the number of units exchanged in a single transaction.
The largest properties in the portfolio include:
- 102-06 Kennedy Blvd. in Bayonne
- 92-94 West 34th St. in Bayonne
- 2102-2106 Kennedy Blvd. in Union City
- 137-147 36th St. in Union City
- 1200-1204 Kennedy Blvd. in Bayonne
“The sheer volume of the Bayonne and Union City portfolio presented a challenge when trying to find the most suitable buyer,” said Benjamin Greenstein, the firm’s president. “A longstanding relationship with the seller developed into a confidence that Capital Realty would be best-suited to facilitate this complex transaction.
“The buyer believes that we are still a distance from the apex of Hudson County’s rent boom, and he was therefore eager to extend his foothold into this burgeoning market.”
Capital Realty touted mass transit options within the portfolio, its access to Manhattan and the growth of young professionals and artists seeking a mix of affordability and vibrancy in both cities. Greenstein added that the buyer was drawn to recently enacted rent decontrol laws in Bayonne and low vacancy rates in Union City.
“He views these properties as having significant value-add potential and plans to update the apartments upon vacancy,” Greenstein said.
The transaction follows Capital Realty’s recent involvement in the sales of 600 units in Union City, Jersey City, West New York and Bayonne that totaled more than $75 million.
“It was definitely a rare multifamily acquisition opportunity simply based on its size and highly strategic location,” said Steven Follman, vice president and sales manager at Capital Realty.
