A four-property affordable housing portfolio located in Jersey City’s Journal Square neighborhood has sold, according to SVN Affordable/Levental Realty, which brokered the deal.
A joint venture between Hudson Valley Property Group and Nuveen, the $1 trillion asset manager of TIAA, bought the properties, Van Wagenen I and II, Bergen Manor and Kennedy Manor. Neither the seller nor the purchase price was disclosed.
SVN Affordable was the exclusive listing broker and was responsible for valuing, marketing and negotiating the transaction on behalf of the seller, it said.
Van Wagenen I has 233 units, while Van Wagenen II has 114, Bergen Manor has 40 and Kennedy Manor has 25. They are subsidized by long-term project-based Section 8 HAP contracts. The joint venture buyers have plans to renovate the properties, including updating access and modernizing infrastructure.
“The previous owners and their dedicated team took great pride in providing much-needed affordable housing for families throughout New Jersey,” Jason Bordainick, HVPG managing partner, said in a prepared statement. “We are excited to be able to build upon their legacies, and to further enhance the properties while preserving affordability for decades to come.
“We look forward to working closely with the city of Jersey City, (New Jersey Housing and Mortgage Finance Agency), HUD and the management staff to maintain each of these properties as quality affordable housing for these New Jersey communities.”
SVN Affordable is based in Cincinnati, while HVPG is based in New York and Nuveen is based in Chicago.