Redwood Realty Advisors closes $8 million in sales in Hudson County
Hasbrouck Heights, NJ — Redwood Realty Advisors has successfully brokered the sale of several multifamily buildings totaling 60 units in Jersey City and North Bergen for $8 million. The sales span several neighborhoods in both cities with an average price per unit of $132,000. The purchasers plan to renovate and reposition the properties to attract a tenant base of both families and young professionals. “The tremendous demand for value-add multifamily is being fueled by both local investors and a spillover of Manhattan buyers who are looking to capitalize on areas like Jersey City and North Bergen,” said Christopher Nendze, an investment associate at Redwood Realty Advisors. “We have seen a resurgence in purchasing power in the Greenville Neighborhood where this marks our fourth transaction in the area in the last couple weeks,” added Steven Matovski, a director at Redwood Realty Advisors. Two of those highlighted sales include 265 Union St. in Jersey City and 7516 Kiesel Terrace in North Bergen. Union St. traded at a record $162,000 per door price for the West Bergen Neighborhood, and Kiesel Terrace sold at a 4.35% cap rate.Matovski and Nendze spearheaded the recent Hudson County transactions representing both the sellers and the buyers of the properties. “We are very pleased with the outcome of these transactions. Steven and Christopher have a deep knowledge of the dynamics and drivers in the Hudson County market, and they were able to get the listings in front of buyers who are hungry for these type of value-add opportunities,” said Thomas McConnell, CCIM, managing partner at Redwood Realty Advisors.