JERSEY CITY, NJ—Capital Realty Associates announced the $23.2 million sale of 10 buildings comprising 304 residential units in the McGinley Square, Journal Square and Greenville sections of Jersey City, N.J. This deal marks the largest multifamily property sale in Hudson County this year, in both unit number and price.
The buildings, located throughout Gifford, Kensington, Van Reypen, Belmont, Clinton, Claremont and Bergen Avenues, were approximately 98 percent occupied at the time of sale. The rent for the apartments, which include some studio, one bedroom, two bedroom and three bedroom apartments, ranges from $620 to $1,300 monthly. The seller had purchased the buildings recently, in 2010.
“Vacancy was high at the time of purchase,” Ben Greenstein, president and managing director of Capital Realty, said in a statement. “Following the purchase, the property underwent major renovations. The buyer plans to continue to upgrade the property and increase its value.”
The upgrades and renovations will maximize rental potential. Capital Realty represented the seller and procured the buyer. Legal counsel was provided by Richard S. Kelin of Feinstein, Raiss, Kelin and Booker of West Orange, NJ, on behalf of the seller. The buyer was represented by Allen J. Popwitz of Brach Eichler, LLC, of Roseland, NJ. Financing for the purchase was provided by Signature Bank and arranged by Michael Muller of Eastern Union Funding.
Centrally located in the McGinley Square, Journal Square and Greenville section of Jersey City, the properties enjoy close proximity to shopping and recreation. Beautiful Lincoln Park adds character and appeal to the area. With the PATH train nearby providing easy access to New York City, the location is ripe with opportunity and amenities for commuters and families.