Jersey City, NJ — Redwood Realty Advisors has successfully completed the sale of two properties in Jersey City for a combined price of $3.95 million.
Redwood Realty Advisors completed the sale of a two-building, 17-unit multi-family package in Jersey City's McGinley Square Neighborhood. The properties are situated within blocks of one another in this thriving neighborhood that also is seeing a handful new developments sprouting up. Each building is a short walk to both the JSQ PATH and St. Peter's University. Redwood Realty Director Steve Matovski arranged the sale on behalf of a long-time repeat client. “The two properties had received significant capital expenditures over the last several years. Those improvements helped elevate rents to market, while still giving the purchaser room to make moderate increases and not have to deal with any deferred maintenance issues,” he said. Combined, all of those factors helped drive a record price per unit for the McGinley Square Neighborhood at $232,000 per unit.
Deal Highlights:
• Sought after location in Jersey City’s McGinley Square Neighborhood
• Synergy of buying a 2-building package
• A new record per unit price for the McGinley Square Neighborhood
• All units are spacious, newly renovated 2-bedroom apartments
“This sale also is a testament to the strong relationships we forge with clients. In this case, we knew what our client wanted, and we were able to move quickly when this listing became available,” added Matovski.