Gebroe-Hammer Sells Three Hudson County, NJ Apartment Complexes for $19.3M

1405 Palisade Avenue, Union City, NJ

UNION CITY/JERSEY CITY, NJ–Hudson County’s multifamily properties are primed for rent growth and property appreciation that continues to outpace Northern New Jersey’s six other apartment submarkets, according to Nicholas Nicolaou, senior vice president at Gebroe-Hammer Associates. The Hudson County market specialist, who recently arranged three separate trades totaling 148 units sold for $19.3 million in Union City and Jersey City, links optimal property performance and area gentrification to enduring investment activity.

“Hudson County is home to Northern New Jersey’s most desirable, high-population-density neighborhoods and its highest concentration of multi-family properties,” says Nicolaou. “Like the migrating Manhattanites in search of rents substantially lower than New York City, development has moved inland away from the waterfront. As a result, established properties with value-add potential are realizing at-or-above market-rate rents upon turnover and occupancy rates of nearly 98 percent.”