Urban American Management, and its partner Dixon Advisory, has sold a 400-unit multifamily portfolio for $65 million.
Gebroe-Hammer Associates arranged the trade of properties located across three North Hudson municipalities
Niko Nicolaou, executive vice president, represented Urban American Management and Dixon Advisory, and procured the buyer, Tuli Realty, LLC.
Financing was arranged by Elliot Treitel of Meridian Capital Group.
Situated directly across from Midtown Manhattan and the Upper West Side of New York City, the portfolio’s 13 buildings are located throughout the North Hudson municipalities of West New York, Union City and North Bergen.
“North Hudson’s municipalities are among the most densely populated in the United States because of their proximity to Hoboken and Jersey City to the south and Manhattan just across the Hudson River,” said Nicolaou.
“And like their South Hudson counterparts, these towns and cities are undergoing a renaissance of their own that presented new ownership an extremely rare acquisition opportunity with an untapped critical-mass value-add component.”
In total, the Golden Peak Portfolio is comprised of seven properties in West New York, five in Union City and one in North Bergen.
According to Nicolaou, North Hudson towns are among the most transit- and walker-centric in the region.
“For this reason, these three towns – along with Weehawken and Guttenberg – have crept to the top of investor lists because they are favored by an extremely varied tenant base of hardworking families, young professionals and New York City transplants seeking an alternative to Midtown rent prices,” he added.