3343 Park Ave., Union City, NJ
LIVINGSTON, NJ—Locally-based Tuli Realty has acquired the 400-unit "Golden Peak" multifamily portfolio in the Hudson-Palisades region from Urban American Management and Dixon Advisory for $65 million.
In total, the Golden Peak Portfolio is comprised of 13 buildings located at seven properties in West New York, five properties in Union City and one in North Bergen.
Gebroe-Hammer Associates' EVP Niko Nicolaou, represented the seller in the transaction and procured the buyer. Financing for the deal was arranged by Elliot Treitel of Meridian Capital Group.
The properties that were traded included: West New York: 1-9 62nd St. (85 units), 119 60th St. (24 units), 155 60th St. (17 units), 505-07 57th St. (47 units), 525-27 60th St. (23 units), 6412 Park (27 units) and 90 64th St. (27units); Union City: 3343 Park Ave. (17 units), 3347 Park Ave. (17 units), 509 47th St. (31 units), 531 34th St. (33 units) and 801 21st St. (21 units) and North Bergen: 7112 Park Ave. (31 units).
"North Hudson's municipalities are among the most densely populated in the United States because of their proximity to Hoboken and Jersey City to the south and Manhattan just across the Hudson River," says Nicolaou. "And like their South Hudson counterparts, these towns and cities are undergoing a renaissance of their own that presented new ownership an extremely rare acquisition opportunity with an untapped critical-mass value-add component."
He adds that the three North Hudson towns—along with Weehawken and Guttenberg—are popular with investors because they boast "an extremely varied tenant base of hard-working families, young professionals and New York City transplants seeking an alternative to Midtown rent prices."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
