CBRE announced today the sale of a three-story, 31-unit multifamily property located at 25 Van Reipen Avenue, adjacent to the Journal Square transportation hub in Jersey City, New Jersey. The property was sold by the long-time owners to 29 Van Reipen, LLC for $4.4 million.
The CBRE Capital Markets team comprised of Charles Berger, Elli Klapper and Mark Silverman represented the seller, 25 Van Reipen Inc., in the transaction.
“This is the second Jersey City site CBRE has sold to this buyer, who also owns several adjacent properties and may be looking to amass them into a development assemblage.There iscurrently significant development in the area immediately surrounding the Journal Square PATH stationand more is expected, as this is one of the premier areas in Jersey City for multifamily properties,” said Mr. Berger.“Alternatively, the existing rents at the property are extremely low for the area, allowing for tremendous upside if the new owner decides to keep this as an investment property with some capital improvements in the near-term.”
Berger noted the sale was close to record pricing from a cap rate perspective, demonstrating the continued strength of the Jersey City multifamily market even amid a pandemic, and that buyers still recognize opportunities for the post-COVID future of the area.
The CBRE Capital Markets team is one of the most active in Hudson County and is currently marketing several projects in the submarket.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
