Redwood Realty Brokers $4 million in Hudson County transactions
HUDSON COUNTY, NJ — Redwood Realty Advisors has recently completed the sale of two properties in Hudson County for a combined price of $4.05 million. • 481-487 Communipaw Ave. in Jersey City: This 8-unit project is located in the Bergen-Lafayette Neighborhood and features a mix of two- and three-bedroom duplexes built in 2011. The property was sold by the original developer. • 7328 Kennedy Blvd. in North Bergen: This property consists of 17 units and is centrally located along Kennedy Blvd., which is one of Hudson County’s largest thoroughfare.
“We continue to see prices spike due to the current interest rate environment,” said Steven Matovski, a director at Redwood Realty Advisors. For example, Communipaw traded at $225K per unit, which is a testament to the high demand for quality multifamily in this emerging Jersey City neighborhood. “Both properties are positioned for a great value-add opportunity with 20% unrealized upside in rents and a possible condo exit strategy on Communipaw,” added Matovski. Matovski procured both sellers and purchasers in the transactions.