Jersey City apartment property sells for $4.4M

A Jersey City multifamily property with 31 units has sold for $4.4 million, CBRE said this week.

The three-story property at 25 Van Reipen Ave. was sold by its longtime owners, 25 Van Reipen Inc., to 29 Van Reipen LLC, the real estate firm said.

A CBRE Capital Markets team of Charles Berger, Elli Klapper and Mark Silverman represented the seller in the transaction.

“This is the second Jersey City site CBRE has sold to this buyer, who also owns several adjacent properties and may be looking to amass them into a development assemblage,” Berger said in a prepared statement. “There is currently significant development in the area immediately surrounding the Journal Square PATH station, and more is expected, as this is one of the premier areas in Jersey City for multifamily properties.”

Berger also noted the sale was close to record pricing from a cap rate perspective.