Hudson County Multi-Family Investment Market Offers Asset Value Growth and Strong Tenant Pool
Eight Recent Gebroe-Hammer Sales Highlight Desire for Apartment Acquisitions in High-Density Urban Locales.
- Jersey City, NJ (1888PressRelease) November 17, 2012 - Hudson County's standing as one of the most densely populated counties in the United States also makes it one of the most sought-after multi-family investment markets, according to Nicholas Nicolaou, Gebroe-Hammer Associates' area market specialist. During the past six months, the commercial real estate investment brokerage firm has arranged $14.8 million in sales county-wide, the latest of which involve eight transactions encompassing a total of 198 units in Jersey City, Union City and West New York.
"Multi-family investments in densely populated urban locales throughout Hudson County offer a level of certainty in Wall Street's uncertain investment market," said Nicolaou. "As a result, there is notable momentum in trading activity as well as significant opportunities for rent growth, particularly when it comes to value-add opportunities."
In the largest most recent trade, Nicolaou exclusively represented the seller and identified the buyer in the $4.4 million off-market sale of 63 units at 126-130-134 Corbin Ave. Located between Pavonia Avenue and Broadway, in the Journal Square neighborhood, the four-story property is within walking distance to area restaurants, art galleries, a playground, public school and mass transit links.
"This transaction netted an aggressive 6 percent cap rate, which the experienced private investor was willing to pay because of the location and quality of the buildings. Plans include implementing the buyer's successful property management strategies," said Nicolaou, who noted rents throughout Jersey City average $800 for a one-bedroom and $1,000 for a two-bedroom.
Nicolaou also arranged four other Jersey City trades. These include the $1.925 million sale of 28 units at 11-13-15 Gardner Ave., in the McGinley Square neighborhood; 24 units sold for $1.685 million at 186-188 South St.; $1.45 million trade of 22 units, including three commercial units, at 3719 Kennedy Blvd.; and the 18-unit sale of 119-123 Roosevelt Ave. for $1.265 million.
In the Hudson County hubs of Union City and West New York, the Gebroe-Hammer brokerage team also orchestrated three sales involving a total of 43 units that netted $4.075 million. The two Union City properties are located a short distance from the Palisade Avenue thoroughfare while the West New York building is less than two-and-a-half blocks from Bergenline Avenue, the town's main shopping district. Both municipalities offer NJ Transit bus links as well as access to ferry, rail and light rail service.
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, Gebroe-Hammer is an eight-time CoStar Power Broker.
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