Jersey City Apartments Sell After Three-Decade Hold
Marcus & Millichap closed the sale of a 21-unit, walk-up apartment building at 3405 John F. Kennedy Blvd. in Jersey City for $4.1 million. The asset traded after more than three decades of legacy family ownership
“The transaction represented a complex, value-add multifamily opportunity that required careful execution amid a challenging capital markets environment,” said Jonathan Zamora, senior director investments in Marcus & Millichap’s New Jersey office. “Despite these conditions, the property attracted strong interest due to its ability to deliver vacant units, identifiable rental upside and long-term repositioning potential. Investor demand was further supported by continued redevelopment activity throughout the Heights neighborhood and the broader Journal Square corridor.”
Zamora exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor. “After the property was previously marketed by other brokerages without a sale, we were able to generate strong investor interest and close the transaction,” he added.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout