Matthews™ Facilitates $12.65M Sale of New Jersey Apartments

Sale Represents Record Price Per Unit in Submarket

 

Jersey City, NJ — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, is pleased to announce the $12,650,000 sale of a unique property located at 953-961 Garfield Avenue, Jersey City, NJ. The asset, featuring 35 units, was converted to a loft-style multifamily building from a vacant warehouse. Matthews™ Vice President and Director, David Ferber, CPA   and Senior Associate Jordan Anhalt represented the buyer and seller in the transaction.

 

The seller’s motivation was directed towards continuing to build their large portfolio of out-of-state investments. Within the first week, agents secured multiple competitive buyers and were able to drive the closing price to 97% of the asking.

 

“The sale will mark one of the highest priced sales on a price per unit in Jersey City this year at $361,428 per unit for a property that was renovated over 10 years ago,” Ferber said. “The strong relationships with both the buyer and seller led to a near asking close and a quick execution, closing in under 30 days.”

 

The buyer, who recently developed a similar asset just minutes away, plans to renovate all the lofts to make it a high-end, one-of-a-kind rental property that can’t be found anywhere else in the city.

 

“Jersey City has seen tremendous growth over the last several years, with rents growing over 10% on average from 2019-2024,” Ferber said. “There has been incredible demand from both renters and investors, population growth, and development throughout every neighborhood.”

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.