A group of 13 multifamily communities in New Jersey that has been under the same ownership for 30 years has finally changed hands. Tuli Realty purchased the Golden Peak Portfolio for $65 million from Urban American Management and Dixon Advisory. Gebroe-Hammer Associates’ Executive Vice President Niko Nicolaou represented the seller and procured the buyer while Meridian Capital Group’s Elliot Treitel arranged the financing.
The portfolio includes 13 buildings and 400 units throughout Jersey’s Hudson Palisades region. Seven of the communities are located in West New York, five are in Union City and the remaining property is found in North Bergen. The communities range in size from 17 units to 85 units.
Nicolaou told Multi-Housing News that the buildings were built in the early-to-mid-20th century and were well-maintained, historically stabilized and offered value-add repositioning potential across the locations. He also told MHN that the sellers owned the properties for approximately 30 years.
JERSEY JUMPS TO TOP OF INVESTOR LIST
Nicolaou said in prepared remarks that the North Hudson municipalities are one of the most densely-populated markets in the U.S. due to how close they are to the booming neighborhoods of Hoboken and Jersey City as well as being across the Hudson River from Manhattan. Nicolaou is Gebroe-Hammer’s Hudson County market specialist, but he also arranged the sale of a 118-unit value-add community in Short Hills, N.J.
He added in his prepared remarks that Weehawken and Guttenberg, along with the three markets of the portfolio, have climbed to the top of investor lists due to their transit-friendliness and walkability alongside being close to major employment centers.