88-94 Tonnelle Ave. in Jersey City — Courtesy: Marcus & Millichap
(Editor’s note: This story has been updated with additional information from Gebroe-Hammer Associates, which had a separate exclusive listing for two of the properties.)
By Joshua Burd
An apartment owner has sold a three-building, 64-unit portfolio in Jersey City for nearly $11 million, brokers with Marcus & Millichap announced.
According to the investment sales firm, the properties include a combined 57 units at 88-94 Tonnelle Ave. and 618-620 Summit Ave., both in the city’s historic Journal Square section, along with 68 Clifton Place in the McGinley Square neighborhood. The investment sales team added that all of the properties are within walking distance of mass transit to New York City.
“We continue to see increased demand from both local and out-of-market investors looking for opportunities throughout Jersey City due to its close proximity to New York City, continued rental growth and new developments,” said Fahri Ozturk, an investment sale specialist with Marcus & Millichap. “Our process and long-term relationships gave us the ability to get the deals across the finish line during the pandemic.”
Ozturk announced the transaction alongside Richard D. Gatto and David Ferber of the firm’s New Jersey office.
While Marcus & Millichap had a listing for the Journal Square properties, Gebroe-Hammer Associates secured a separate exclusive listing to represent the seller, Kevelson Family LLC. Gebroe-Hammer also identified and solely procured the buyer, The Weingarten Group of Jersey City.
