Multifamily portfolio in Jersey City sells for $21.45M

A multifamily portfolio spanning 13 neighborhoods in Jersey City has sold for $21.45 million, brokerage Gebroe-Hammer Associates said in a news release.

The 134-unit portfolio includes apartment buildings in the West Side, McGinley Square and Bergen-Lafayette, the firm said.

“Jersey City and greater Hudson County are experiencing a new wave of tenant demand in the pandemic recovery period, specifically among upwardly mobile career starters and an advanced-degree, executive-level tenant base,” Executive Vice President Niko Nicolaou said. “As a result of this accelerated urban-suburban rental lifestyle demand directly across the Hudson River from Manhattan, the Coltown Portfolio and similar-caliber, value-add infill-neighborhood apartment properties are at the top of investor wish lists.”

The sale of the portfolio was arranged by Nicolaou, who was recently named the exclusive broker for a 54-unit multifamily portfolio in Bayonne and Jersey City.