150 and 154 Belmont Ave. in Jersey City — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A six-property, 134-unit apartment portfolio in Jersey City has changed hands for more than $21 million, in a newly announced transaction by Gebroe-Hammer Associates.
The firm said the seller, Coltown Properties, completed the deal as demand and investor interest grows in neighborhoods such as the West Side, McGinley Square and Bergen-Lafayette, where the properties are located. The portfolio includes 150 and 154 Belmont Ave., 201-203 Claremont Ave., 33-35 Storms Ave., 35 Kensington Ave. and 590 Bergen Ave.
Gebroe-Hammer Executive Vice President Niko Nicolaou represented the seller and procured the buyer, West of Hudson Properties, noting that new redevelopment and new deliveries in the city’s Journal Square section “is having an extremely positive effect on occupancies and rent appreciation” in the three neighborhoods. Brad Domenico of Progress Capital arranged financing in the $21.45 million deal.
“Jersey City and greater Hudson County are experiencing a new wave of tenant demand in the pandemic recovery period, specifically among upwardly mobile career starters and an advanced-degree executive-level tenant base,” Nicolaou said. “As a result of this accelerated urban-suburban rental lifestyle demand directly across the Hudson River from Manhattan, the Coltown Portfolio and similar-caliber value-add infill-neighborhood apartment properties are at the top of investor wish lists.”
Gebroe-Hammer also announced that the owner of a 54-unit, four-property multifamily package in Bayonne and Jersey City has tapped Nicolaou to market the buildings for sale. The properties are less than six miles of one another and part of a receivership fee-simple real estate sale.
“This package offers a unique opportunity to acquire four extremely well-located apartment buildings with a mix of one-, two- and three-bedroom layouts in North Jersey’s largest submarket — all adjacent to New York City,” said Nicolaou, the firm’s Hudson County market specialist. “New ownership has the potential for ‘as-is’ +35% revenue growth associated with achieving at-market rents and even more through modest value-add capital enhancements to units at turnover.”
According to Nicolaou, the portfolio features some of the best walkability rankings in the nation and immediate connectivity to the region’s extensive mass-transit network and private and public employers. Outdoor spaces and arts, cultural and dining options also are nearby.