CBRE Announces Sale of 288-Unit Multifamily Community in North Bergen

CBRE announced the sale of a 288-unit multifamily community in North Bergen earlier in March.

CBRE has successfully completed the sale of Hudson Mews, a notable 288-unit multifamily community in North Bergen, earlier in March. This transaction was facilitated by a skilled team led by Vice Chairman Jeffrey Dunne, First Vice Presidents Stuart MacKenzie and Eric Apfel, Senior Financial Analyst Travis Langer, and Senior Analyst Daniel Blumenkrantz. The team represented the seller, Hudson Capital Properties, and was instrumental in procuring the buyer, Sym Investments.

Strategically situated at 1305 Paterson Plank Road, Hudson Mews stands out as a Class A property developed in two phases, with construction completed in 2019 and 2022, respectively. The property benefits from a 30-year PILOT (Payment In Lieu Of Taxes) agreement, providing an attractive investment opportunity with significant mark-to-market upside, as highlighted by CBRE.

Jeffrey Dunne commented on the transaction's significance, stating, “Our team continues to find creative solutions to get large multifamily transactions over the finish line despite the challenging economic conditions due to interest rate volatility.” He further highlighted the team's achievement in closing several notable tri-state transactions in the past five months, including the sale of Sutton Landing Deer Park, Sutton Landing Mount Sinai, Avalon Mamaroneck, and 15 Bank, cumulatively surpassing $600 million in value.

Stuart MacKenzie emphasized the strategic value of Hudson Mews, noting, “We’re pleased to have represented Hudson Capital on this transaction. Hudson Mews should continue to perform well given the asset’s robust leasing velocity and rent growth coupled with its proximity to NYC and public transit.”

Located just 15 minutes from New York City, Hudson Mews offers residents panoramic views of North Jersey and an array of amenities, including an outdoor pool, fitness center, dog run, and children’s playroom, making it an attractive living space for those seeking proximity to the city along with the comforts of suburban living.

This sale underscores the ongoing demand for high-quality multifamily communities in the North Jersey area, highlighting the region's attractiveness to investors and residents alike. The successful transaction not only reflects CBRE's expertise in navigating complex real estate deals but also the robust potential of the North Bergen real estate market.