By Joshua Burd
A family office has expanded its holdings in Jersey City, acquiring a building with four apartments and retail space in a deal arranged by Cervelli Real Estate & Property Management.
According to the brokerage team, the undisclosed buyer paid $1.2 million for the property at 569 West Side Ave. That follows a marketing effort that drew strong investor interest due to its stable in-place income and the opportunity to increase future cash flow by bringing residential rents to market levels.
Cervelli represented the seller, a longtime client, in the all-cash deal for a property that is fully occupied across its four rental units and one ground-floor retail space. The transaction marks the second acquisition that the investor has completed through the brokerage firm this year.
“Our business has always been built on long-term relationships,” said Christopher Cervelli, a broker at Cervelli Real Estate & Property Management. “We’re grateful for the continued confidence our clients place in us and are pleased to have helped another repeat buyer and seller achieve their investment objectives.”
