927 Willow Ave. in Hoboken — Courtesy: Marcus & Millichap
By Joshua Burd
Two Hudson County apartment properties have changed hands for a combined $5.86 million, under a set of newly announced transactions by Marcus & Millichap.
The larger property, 927 Willow Ave. in Hoboken, is a five-story walkup with 10 newly renovated units, according to a news release. A private investor acquired the building for $4 million.
In the second transaction, an investor acquired a 12-unit building at 809-811 27th St. in Union City for $1.86 million. Marcus & Millichap’s Jonathan Zamora, an investment specialist in the firm’s New Jersey office, brokered both transactions.
“We were able to create a competitive buying environment going to market with our process and putting these deals into our system,” Zamora said. “We are continuing to see a strong flow of investors seeking stability and yield in strong markets like Hudson County.
“It was an excellent deal for both buyers and sellers on these deals, as the buyer took advantage of a stable return with real upside which has become a rarity in today’s rent control world and the sellers capitalized on the timing of the market hitting record high price per units.”