Jersey City Rent-Controlled Apartment Portfolio Changes Hands in Multi-Million Dollar Sale
A portfolio of rent-controlled apartment buildings in Jersey City sold for $13.8 million, indicating investor interest in the city’s multifamily housing market despite economic headwinds.
The sale featured two residential buildings at 546 and 565 Bergen Avenue with 68 rent-controlled apartments and one ground-floor shop space. Hudson Atlantic Realty helped Axial Partners sell the properties. The buyer is unknown, but the sale shows confidence in Jersey City’s long-term rental demand.
Investor desire for older rent-controlled properties remains robust, according to transaction experts. When increasing interest rates and stricter financing have halted many real estate acquisitions, this sale is remarkable because such assets normally give more stable but slower-growing profits.
Hudson Atlantic Realty said this transaction shows how well-located Jersey City multifamily buildings continue to attract serious purchasers. The portfolio’s proximity to the Journal Square PATH station gives residents convenient access to Manhattan and other parts of the region, adding long-term value despite rent increase restrictions.
Market experts also underlined deal structure. Buyers rarely complete a noncontingent deal without conventional financing or inspection requirements in today’s cautious investment market. That this deal closed under such circumstances shows buyer trust in the asset and local market.
Population growth, transportation connections, and rental demand have kept Jersey City a top multifamily market in New Jersey. Even as luxury complexes get prominence, deals like this show that rent-controlled housing remains vital to the city’s real estate scene.
Investors, policymakers, and citizens in New Jersey actively monitor rent-regulated property sales due to housing affordability. This new acquisition joins a growing number of transactions proving that well-positioned Jersey City multifamily assets remain in high demand and value despite regulatory and market constraints.
Sources
Hudson Atlantic Realty
Axial Partners
