Cushman & Wakefield on Monday announced it arranged the sale of Rivet and Rivet 26, two Class A multifamily communities in Jersey City. The final sale price was $121,000,000.
Located at 23 and 26 University Place Boulevard, the property consists of 362 total units and 19,552 square feet of commercial space.
Cushman & Wakefield’s Northeast Multifamily Advisory Group, including Niko Nicolaou, Ryan Dowd JP Hohl, Peter Welch and Alexandria Ebers, represented the sellers, The Hampshire Companies and Claremont Development, in the transaction. Sym Investments acquired the property.
“This deal represent the sale of an institutional quality asset in a rapidly emerging market on the west side of Jersey City,” Nicolaou, who co-leads the Northeast Multifamily Advisory Group alongside Dowd, said. “The connectivity to New York City positions the community to strongly benefit from the outsized demand for quality housing in the region.”
Rivet and Rivet 26 offer a combined 362 units with a mix of studios, one-bedroom and two-bedroom apartments. The properties feature high-quality finishes and an extensive array of amenities, including 75,000 square feet of shared amenity space with entertainment lounges, fitness centers and co-working lounges. The communities also include a mixed-use retail portion, enhancing the living experience for residents.
Located in the emerging west side of Jersey City, Rivet and Rivet 26 provide residents with convenient access to major transportation routes, including the West Side Avenue Light Rail Station, Route 440, I-95 and Route 9. The properties offer a free shuttle service to the Journal Square PATH Station, providing a direct connection to New York City.