Case Real Estate Capital, a Rochelle Park, N.J.-based commercial real estate investment company, has finalized the purchase of a $2.99 million note and final judgment of foreclosure secured by five multi-family/mixed-use assets in Hudson County, N.J.
The portfolio includes a total of 30 apartments in four residential-over-retail assets located in Bayonne and one multi-family property in Jersey City.
“Hudson County multi-family assets are some of the most sought-after properties in New Jersey’s investment sales market,” said Sandy Herrick, managing principal.
In most areas of Hudson County, the overall apartment vacancy rate is approximately three percent, and rents have risen on the order of 10 percent during the last two years as demand outpaced supply.
Within the Bayonne submarket, both the vacancy rate and rental tenant turnover remain extremely low.
“Purchasing this note and final judgment of foreclosure should allow us to quickly achieve control over this portfolio,” said Jon Leifer, director-acquisitions of Case.