Matthews™ Closes Record-Setting $16.5 Million Sale of 42-Unit Apartment in New Jersey

JERSEY CITY, NJ— Matthews™, a commercial real estate investment services and technology firm, facilitated the sale of a 42-unit multifamily asset located at 475 Communipaw Avenue in Jersey City, New Jersey. Matthews™ First Vice President and Director David Ferber represented the seller in the $16,500,000 transaction, which set a sale price and price-per-unit record for multifamily properties sold within the last two years in the Bergen-Lafayette submarket.

 

The seller, a development group that had recently completed construction of the property, elected to bring the asset to market to capitalize on pricing and pull out equity from the completed project. Drawing on a five-plus-year relationship with ownership, Matthews™ advised on timing and positioning, ultimately bringing the asset to market at 90%+ occupancy.

 

Matthews™ repositioned the offering post-stabilization and directly sourced a high-confidence buyer executing a 1031 exchange, supporting certainty of close under an accelerated timeline. The transaction closed 75 days from contract signing at a 6.3% cap rate.

 

“Jersey City continues to be one of the strongest markets in all of New Jersey, and frankly across the country, per some recent published reports to invest in,” Ferber said. “The rent growth, demand from developers, continued investment in infrastructure, as well as very strong tenant demand, continue to make Jersey City an incredible market.”

 

The buyer, a well-capitalized multifamily investor with an active acquisition strategy in New Jersey, plans to hold long-term for cash flow and to benefit from continued rent growth in Jersey City.

 

For more information, please contact David Ferber or visit www.matthews.com.

 

About Matthews™

Matthews™, 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.