Jersey City, NJ — Marcus & Millichap announced the sale of a two property, 82-unit portfolio located in Journal Square and McGinley Square in Jersey City, according to James McGuckin, regional manager of the firm’s New Jersey office. The portfolio was sold by generational owners for $12 million and both properties were within walking distance from the Journal Square transportation hub with quick routes into NYC Fahri Ozturk, Richard D. Gatto and David Ferber, investment sale specialists in Marcus & Millichap’s New Jersey office, completed the sales of 64 Baldwin Ave. and 111 Garrison Ave. both located in Journal Square. They also secured the buyer for the transaction, a private investor. “This portfolio traded at a record cap rate due to the large number of vacancies with very low existing rents. The buyer will have the ability to immediately work on the tremendous upside the portfolio offered.” said Ferber. “This sale demonstrates continued strong demand for multifamily properties across Hudson County from both local and out of market investors” added Ozturk.
Jersey City has earned a reputation as a city with ideal regional connectivity due to accessible public transportation. The successful public transportation system has sparked new development opportunities in the city as several nearby apartment complexes have been completed and are under construction. The new supply speaks to the value of the location and should continue to drive the local economy, which will ultimately push rents.
The Ozturk Gatto Group has been one of the most active multifamily brokers in Northern NJ, closing over 1,270 units totaling $205,000,000 in 2020.