HASBROUCK HEIGHTS, NJ—Steven Matovski, a director with Redwood Realty Advisors, racked up four apartment sales during March with a combined purchased price of nearly $10 million. All of the assets were located in high-demand New Jersey markets, including Bayonne, Jersey City and Hasbrouck Heights.
“Steve has been a tremendous asset to the Redwood Realty team,” says Thomas McConnell, CCIM, managing partner at Redwood Realty. “He works diligently on behalf of his clients and also leverages his tremendous in-depth knowledge of the Hudson and Bergen county markets to their benefit.”
Matovski's transactions were: A mixed-use property in Hasbrouck Heights, with 32 apartments and eight commercial spaces, sold for $5.4 million, at a cap rate of 5.5 percent; a mixed use asset in Bayonne, with eight apartments and four office units, sold for $1.75 million at a cap rate of 7.7 percent; a three-building portfolio in Jersey City with 21 units, sold for $1.625 million at a 7.74 percent cap rate; and a seven-unit apartment in Jersey City sold by Oval Capital Management for $630,000.
“I think the recent activity shows the continued strength of an investment sales market that still has plenty of room to run,” says Matovski. “Long-time owners are taking advantage of the buyer demand to liquidate assets, while investors who are willing to roll-up their sleeves are finding buying opportunities with upside potential.” In addition, some sellers, such as New York-based Oval Capital Management, are doing an excellent job in positioning their assets for sale, says Matovski.
As previously reported by GlobeSt.com, Redwood brokered the recent sale of the Chatham Arms in Chatham, NJ, purchased by a joint venture of Stolar Capital and Vertical Realty Capital for $7.2 million, from Quad Realty. The 31-unit apartment building sold for $232,000 per unit and a 4.9 percent cap rate.
http://www.globest.com/sites/stevelubetkin/2016/03/31/31-unit-chatham-mf-trades-for-7-2m/
HASBROUCK HEIGHTS, NJ—Steven Matovski, a director with Redwood Realty Advisors, racked up four apartment sales during March with a combined purchased price of nearly $10 million. All of the assets were located in high-demand New Jersey markets, including Bayonne, Jersey City and Hasbrouck Heights.
“Steve has been a tremendous asset to the Redwood Realty team,” says Thomas McConnell, CCIM, managing partner at Redwood Realty. “He works diligently on behalf of his clients and also leverages his tremendous in-depth knowledge of the Hudson and Bergen county markets to their benefit.”
Matovski's transactions were: A mixed-use property in Hasbrouck Heights, with 32 apartments and eight commercial spaces, sold for $5.4 million, at a cap rate of 5.5 percent; a mixed use asset in Bayonne, with eight apartments and four office units, sold for $1.75 million at a cap rate of 7.7 percent; a three-building portfolio in Jersey City with 21 units, sold for $1.625 million at a 7.74 percent cap rate; and a seven-unit apartment in Jersey City sold by Oval Capital Management for $630,000.
“I think the recent activity shows the continued strength of an investment sales market that still has plenty of room to run,” says Matovski. “Long-time owners are taking advantage of the buyer demand to liquidate assets, while investors who are willing to roll-up their sleeves are finding buying opportunities with upside potential.” In addition, some sellers, such as New York-based Oval Capital Management, are doing an excellent job in positioning their assets for sale, says Matovski.
As previously reported by GlobeSt.com, Redwood brokered the recent sale of the Chatham Arms in Chatham, NJ, purchased by a joint venture of Stolar Capital and Vertical Realty Capital for $7.2 million, from Quad Realty. The 31-unit apartment building sold for $232,000 per unit and a 4.9 percent cap rate.
http://www.globest.com/sites/stevelubetkin/2016/03/31/31-unit-chatham-mf-trades-for-7-2m/
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
