Gebroe-Hammer Associates said Thursday that it arranged the $36.32 million sale of the 171-unit General Kearny Apartments.
Gebroe-Hammer’s executive managing director, David Oropeza, and executive vice president, Niko Nicolaou, exclusively represented the seller, J&D General Kearny Associates LLC, and procured the buyer, a private investor in the trade. Brad Domenico, a partner with Progress Capital, arranged the financing.
Built in 1939 and located at 41-109 Belgrove Drive in Kearny, the six-building, four-story complex features a mix of one-, two- and three-bedroom layouts ranging from 351 to 825 square feet.
“General Kearny Apartments presented new ownership with a rare acquisition opportunity within this quadrant of North Hudson County,” said Nicolaou. “In just the past few years, Kearny has been the focus of sweeping revitalization and redevelopment initiatives undertaken by public officials and private investors to revive underused land parcels — which bodes particularly well for existing properties like General Kearny Apartments. These initiatives have been successfully mobilized by a wave of development anchored by a wide range of residential, mixed-use and modern industrial redevelopment.”
According to Nicolaou, multifamily investors have renewed interest in Kearny’s existing apartment-housing stock due in large part to its favorable performance in the COVID-19 economy. This is attributable to the town’s immediate mass-transit connectivity to Newark and Jersey City and proximity to the Harrison PATH Station.
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“Kearny’s far-reaching redevelopment initiatives, hybrid city/suburban lifestyle and a surging mid-20s-to-30s tenant cohort priced out of the Hudson Waterfront are laying down roots in Hudson Pointe and Kearny’s other distinct-in-character neighborhoods,” said Oropeza, the firm’s urban-market specialist. “General Kearny Apartments really is very close to what today’s renter-by-choice is looking for, from connectivity to Manhattan and ease-of-movement within North Jersey for its cultural, dining, entertainment and employment hubs of Newark and Jersey City.”
The property also is centrally located within the prominent Hudson Pointe neighborhood widely known for its mass transit connectivity and the area’s extensive highway network. The area is also quite pedestrian-friendly with its dense, amenity-rich landscape where locals and visitors alike find it feasible to get around easily on foot.