By Joshua Burd
Seven apartment buildings in Hudson County traded last month for a combined price of $6 million, in a series of deals brokered by Redwood Realty Advisors.
In a news release Monday, the Hasbrouck Heights-based firm announced the sale of properties in Jersey City, Union City, Bayonne and West New York. Director Steven Matovski exclusively represented the sellers in each transaction and also procured the purchasers.
The transactions include:
- The $1.12 million sale of 3469 Kennedy Blvd. in Jersey City
- The $1.845 million sale of 3420 Bergenline Ave. in Union City
- The $415,000 sale of 185 Avenue E in Bayonne
- The $2.65 million sale of a four-building portfolio in Union City and West New York
“These properties are very desirable due to the strong in-place cash flow, which provides short-term stability with future upside for the buyers,” Matovski said, noting that 3469 Kennedy Blvd., which is in the Heights section of Jersey City, fetched $140,000 per unit. “The property has significant value-add potential to be gained through the renovation and repositioning of the units as this section of Jersey City has seen tremendous rent growth.”
All of the properties are part of one of the most mature and stable markets in New Jersey, Redwood said, adding that each is within walking distance of major transportation hubs in Hudson County. Of the Bayonne property, which is in the city’s Constable Hook neighborhood, Matovski said its location just steps from the 22nd Street NJ Transit light rail station “made it quite attractive to our buyer.
“There also are many new developments sprouting up along Avenue E, and our client will look to benefit from the strong rental market in the immediate area,” he said.
Matovski also said there were several competitive bids on the 3420 Bergenline Ave. property, noting that the winning buyer inked the deal as part of a 1031 exchange and an effort to expand its existing retail footprint in northern Hudson County.
The four-building package in Union City and West New York also attracted a 1031 exchange investor, the news release said.
“We are very pleased with the work Matovski, and the entire Redwood Realty team, has done in successfully executing these transactions,” said Thomas McConnell, managing partner at Redwood Realty. “The sales activity also shows the continued opportunities for both buyers and sellers in the market, especially as it relates to well-located, value-add assets.”