Colliers was appointed as the exclusive sales representative for a 58-unit multifamily portfolio in Hudson County.
A Colliers team led by Executive Managing Director Jacklene Chesler, along with Managing Director Matthew Brown and Associate Director Patrick Norris, announced on July 21 they were selected by the special servicer appointed to the portfolio to facilitate the sale.
Located in Union City, the six-asset portfolio is currently 84% occupied.
The buildings are located at 2817 Palisade Ave., 2911 Bergenline Ave., 714 22nd St., 512 26th St., 530 28th St. and 540 28th St. The properties consist of 17 studio units, 11 one-bedroom units, 23 two-bedroom units and six three-bedroom units. 2911 Bergenline Ave. also features a ground-floor commercial unit.
The portfolio will be auctioned on the online real estate marketplace Commercial Real Estate Exchange Inc. from Aug. 23 – Aug. 25.
“Hudson County has grown steadily since 2010 and is projected to continue along this trajectory over the next five years. As multifamily demand continues to spread from the urban core of the New York City metro, market demand for multifamily dwellings within the county remains strong,” said Chesler. “Strong demand for multifamily in New Jersey is partially due to the state’s aging population downsizing into multifamily assets and also from Manhattan commuters looking for more affordable alternatives. Combined with Hudson County’s desirable neighborhoods and extensive transportation network, we’re confident that we will see strong investor interest in this portfolio.”
Each of the portfolio’s properties benefit from locations in walkable areas with convenient access to the Lincoln Tunnel and the New Jersey Turnpike. The properties are also located in close proximity to New York City and offer tenants a multitude of nearby public transportation options, including New Jersey Transit bus and rail stops.