CBRE arranges $8.15M sale of 41-unit multifamily property in Journal Square neighborhood of Jersey City

CBRE on Tuesday said it helped negotiate an $8.15 million sale of a multifamily property located at 160 Vroom St. in Jersey City.

A private investment group acquired the 41-unit residential rental building from a New York City-based family office. The property features 22 one-bedroom and 19 two-bedroom apartments, as well as on-site laundry facilities for residents.

The CBRE Tri-State Capital Markets team of Fahri Ozturk, Richard Gatto and Zach McHale spearheaded the marketing campaign and represented the seller in the negotiations. CBRE also procured the buyer.

“160 Vroom St. is an exceptional value-add acquisition for the new owners,” Ozturk said. “The property has been meticulously maintained by the previous ownership. The buyer recognized the quality of the asset, with its ideal location in the heart of Jersey City’s Journal Square neighborhood and acted quickly and aggressively to close the deal.”

Gatto further added: “Now, more than ever, it is imperative to run a comprehensive marketing process to maximize value for our clients. We created a competitive bidding environment for 160 Vroom, which ultimately led to a hard contract and timely closing.”

The property is ideally positioned within a five-minute walk from the Journal Square PATH station, which provides direct train service to Manhattan, downtown Jersey City and Hoboken. The property is also convenient to Newark Liberty International Airport, Routes 1 and 9 and Interstates 95 and 78.

Residents enjoy immediate access to lifestyle amenities in the immediate area, including Starbucks, Dunkin’, Whealth Kitchen, Mana Contemporary, Saint Peter’s University and Hudson County Community College.