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Investment Group Acquires Jersey City Multifamily
CBRE arranged the $8.15-million sale of a multifamily property located at 160 Vroom St. in Jersey City, near the Journal Square PATH station. A private investment group acquired the 41-unit residential rental building from a New York City-based family office.
The CBRE Tri-State Capital Markets team of Fahri Ozturk, Richard Gatto and Zach McHale spearheaded the marketing campaign and represented the seller in the negotiations. CBRE also procured the buyer.
“160 Vroom St. is an exceptional value-add acquisition for the new owners,” said Ozturk. “The property has been meticulously maintained by the previous ownership. The buyer recognized the quality of the asset, with its ideal location in the heart of Jersey City’s Journal Square neighborhood and acted quickly and aggressively to close the deal.”
Gatto added, “We created a competitive bidding environment for 160 Vroom, which ultimately led to a hard contract and timely closing.”
- ◦Sale/Acquisition
