111 Garrison Ave. in Jersey City — Courtesy: Marcus & Millichap
By Joshua Burd
A longtime owner has sold two Jersey City multifamily properties for $12 million, in a newly announced transaction by Marcus & Millichap.
The brokerage firm, which represented the seller, said the 82-unit portfolio includes 64 Baldwin Ave. and 111 Garrison Ave., both in the city’s historic Journal Square section. Both are within walking distance of the Journal Square transportation hub, providing quick access to Manhattan.
“This portfolio traded at a record cap rate due to the large number of vacancies with very low existing rents,” Marcus & Millichap David Ferber’s said. “The buyer will have the ability to immediately work on the tremendous upside the portfolio offered.”
Ferber brokered the sale alongside colleagues Fahri Ozturk and Richard D. Gatto, who are based in the firm’s Saddle Brook office. They noted that the buyer is a private investor.
“This sale demonstrates continued strong demand for multifamily properties across Hudson County from both local and out of market investors” Ozturk said.