Capital Realty announced Monday it has spearheaded the sale of an apartment portfolio in Bayonne and Union City for $130 million.
The property consists of 66 multifamily buildings and 919 units.
Benjamin Greenstein, Capital Reality president, exclusively represented the undisclosed seller and procured the buyer, a private investor.
“The sheer volume of the Bayonne and Union City portfolio presented a challenge when trying to find the most suitable buyer,” Greenstein said. “A longstanding relationship with the seller developed into a confidence that Capital Realty would be best-suited to facilitate this complex transaction.”
“The buyer believes that we are still a distance from the apex of Hudson County’s rent boom, and he was therefore eager to extend his foothold into this burgeoning market,” Greenstein said.
“It was definitely a rare multifamily acquisition opportunity simply based on its size and highly strategic location,” said Steven Follman, vice president/sales manager at Capital Realty.
The property is within close proximity to the Hudson River and Manhattan.
“The buyer was definitely drawn to the rent decontrol laws recently enacted in Bayonne and the low vacancy rates in Union City,” Greenstein said. “He views these properties as having significant value-add potential and plans to update the apartments upon vacancy.” This transaction comes in the wake of Capital Realty’s recent involvement in the sales of 600 units in Union City, Jersey City, West New York, and Bayonne that totaled in excess of $75 million.