Jersey City, N.J., September 9, 2021 – In New Jersey’s second largest municipality of Jersey City, Gebroe-Hammer Associates has arranged the $21.45M sale of a 134-unit multifamily portfolio spanning three of the city’s 13 constituent neighborhoods. In the transaction, the firm exclusively represented the seller, Coltown Properties, and procured the buyer, West of Hudson Properties. Brad Domenico of Progress Capital arranged financing.
The early-to-late-20th Century apartment assets included 150 and 154 Belmont Ave. (26 and 22 units, respectively); 201-203 Claremont Ave. (17 units); 33-35 Storms Ave. (12 units); 35 Kensington Ave. (31 units); and 590 Bergen Ave. (26 units). Each offers new ownership tremendous upside associated with being close to Journal Square, which is undergoing sweeping redevelopment.
According to the professionals at Gebroe-Hammer, the Bayonne-Jersey City Portfolio features some of the best walkability rankings in the nation and immediate connectivity to the region’s extensive mass-transit network and private and public employers. Outdoor spaces and arts, cultural and dining options also are nearby.
For 46 years, Gebroe-Hammer’s brokerage activities have concentrated on all multifamily types to serve the investment needs of a long-term client base of institutional investors, private equity funds, REITs, family offices and private individuals. While initially focused on New Jersey, the Livingston, N.J.-based firm has evolved to also dominate the Eastern Pennsylvania and New York State submarkets as well as represent client interests nationally. Widely recognized for its consistent sales performance, the firm is a 17-time CoStar Power Broker and is credited with arranging the largest portfolio sale in 2020 with the highest per-unit price for the MidAtlantic Region and in New Jersey.