JERSEY CITY, NJ—Gebroe-Hammer Associates has arranged the $21 million sale of a four-property Hudson County multi-family portfolio, with units located throughout Jersey City and Hoboken. Nicholas Nicolaou, GH vice president and the firm's Hudson County market specialist, exclusively represented the seller, a long-time Gebroe-Hammer client, and the buyer, a private investment group with additional holdings throughout Hudson County. More than 20 competitive offers were submitted for the 159 apartment-unit and six commercial-unit portfolio.

“This was one of the most highly bid sales in Jersey City this year, thus far,” Nicolaou tells GlobeSt.com exclusively. Following three rounds of aggressive bidding, the seller, who owned the property for more than 40 years and sought to reallocate proceeds from the sale to out-of-state investments, accepted the highest non-contingent offer.

The largest of the four buildings, 125-129 Magnolia Ave., in Jersey City, sold for $12.7 million. The mid-rise elevator building, located on the corner of Summit and Magnolia avenues in the heart of the Journal Square section, is within one block of the Journal Square PATH Station served by two trans-Hudson lines – the Journal Square/33rd Street and Newark/World Trade Center routes. Built in 1929, the well-maintained five-story all-brick exterior façade building is comprised of 93 apartment units fully occupied at the time of sale and five ground-floor retail spaces occupied by a bagel store, hair salon, nail salon, news/grocery store and wireless retailer.