West of Hudson Properties, a Hackensack, NJ-based multifamily owner and manager, has acquired a 134-unit Jersey City apartment portfolio for $21.45 million.
Gebroe-Hammer Associates’ executive vice president Niko Nicolaou arranged the sale of the portfolio spanning three of the city’s 13 constituent neighborhoods, representing both the seller, Coltown Properties, and the buyer. Brad Domenico of Progress Capital arranged financing.
The early-to-late-20th Century apartment assets included 150 and 154 Belmont Ave. (26 and 22 units, respectively and pictured top); 201-203 Claremont Ave. (17 units); 33-35 Storms Ave. (12 units); 35 Kensington Ave. (31 units); and 590 Bergen Ave. (26 units).
According to Nicolaou, each offers new ownership tremendous upside associated with being close to Journal Square, which is undergoing sweeping redevelopment.
“All of the new product being constructed and delivered in Journal Square is having an extremely positive effect on occupancies and rent appreciation in the West Side, McGinley Square and Bergen-Lafayette sections of the city where these properties are all located,” said Nicolaou.
Coltown Properties is a privately held, New York-based real estate company founded by Israel Weinberger, Steven Neuman and Jonathan Weinberger. Last year, the company sold a 384-unit Flatbush portfolio to Camber Property Group for $81.98 million.