Sym Investments Buys North Jersey Community
The 288-unit asset benefits from a 30-year tax PILOT.
Sym Investments has purchased Hudson Mews Apartments, a 288-unit multifamily community in North Bergen, N.J. Hudson Capital Properties sold the asset. CBRE represented the seller in the transaction and procured the buyer.
In 2020, the property became subject to a $47.6 million CMBS loan from U.S. Bank, originated by CBRE Capital Markets, according to Yardi Matrix data.
Completed in two phases in 2019 and 2022, the community comprises six buildings with studio, one- and two-bedroom floorplans ranging from 546 to 1,389 square feet. All residences feature in-unit washers and dryers. Common-area amenities include a swimming pool, fitness center, dog park and children’s playroom. The property also benefits from a 30-year tax PILOT.
Located at 1305 Paterson Plank Road, in an Opportunity Zone, Hudson Mews Apartments is near Highway 9 and roughly 7 miles from New York City, as well as 4 miles from Jersey City. It is also some 10 miles from the Newark Liberty International Airport and 3 miles from the Secaucus Junction train station.
Northern New Jersey sales volume drops
CBRE Vice Chairman Jeffrey Dunne and First Vice Presidents Eric Apfel and Stuart MacKenzie, along with Senior Analysts Travis Langer and Daniel Blumenkrantz led the team that brokered the transaction. Recently, the same team facilitated the $195 million sale of a 502-unit community in White Plains, N.Y.
In 2023, 20 multifamily properties totaling 660 units traded in the northern New Jersey market for more than $450 million, according to Yardi Matrix information. This represents a significant drop from the previous year, when the area’s investment volume exceeded $1.9 billion, with the sale of nearly 1,750 apartments.
