Gebroe-Hammer Arranges Hudson Co. MF Portfolio Sale for $21 Million

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.