2005 Kennedy Blvd. in Jersey City — Courtesy: B6 Real Estate Advisors
By Joshua Burd
An investment group has acquired a 25-unit apartment building in Jersey City’s West Bergen neighborhood, in one of several recent deals by B6 Real Estate Advisors.
The brokerage firm said the buyer, Titanium Capital Partners, paid $4.5 million for the 5,700 square-foot property at 2005 Kennedy Blvd. Located at the corner of Audubon Avenue, the building includes 20 one-bedroom and five two-bedroom units less than a mile from Route 440 and just south of New Jersey City University’s main campus.
Other recent deals by B6 include the sale of 106-116 and 118-126 Halladay St., a 27,500 square-foot development site in Jersey City’s Bergen-Lafayette section, according to a news release. Halladay Plaza LLC purchased the parcel for $5.725 million and is considering uses such as senior housing, assisted living, market-rate housing or a combination of all three.
In West New York, B6 brokered the sale of a 5,250-square-foot mixed-use building at 6006 Kennedy Blvd. Burhan Management paid $1.275 million for the three-story property, which consists of five residential units and one ground-floor retail unit, and plans to hold it as a value-add investment property.
The brokerage firm also arranged the trade of a 6,000-square-foot warehouse at 423 Bacheller Ave. and a 5,376 square-foot vacant lot at 2400 Urbanowitz Ave., both in Linden, the news release said. The properties near Route 1&9 changed hands for a combined $1.25 million and will be used by a distribution company.
“These deals showcase B6’s continued growth throughout the New Jersey market,” said Yanni Marmarou, a director at B6, whose team spearheaded the Hudson and Union County sales. “As prices in New York have risen, the New Jersey market has become increasingly more competitive. Two trends we have been seeing is the demand for multifamily space and industrial property. These four sales exemplify the movement in these spaces as investors quickly jumped at the opportunities.”