Cervelli Real Estate & Property Management announced today that it sold 2 multi-family properties in Hudson County
Cervelli Real Estate & Property Management announced today that it sold 2 multi-family properties in Hudson County. The sale was facilitated by Chris Cervelli who represented both parties in the transaction. The buyer, an investor from New York purchased the properties using the proceeds from a 1031 exchange. The two properties are located just outside of the booming Journal Square neighborhood, and one of them set a record for pre war buildings by trading for over $186,000 per unit. (Sale price of $1,700,000) That property, located at 96 Duncan Avenue traded for a sub 5% cap rate due to its upside prospects. The other property, located at 79 Williams Avenue, had originally been sold to the current seller by Chris only 5 years ago. The seller made many upgrades to the common areas, and renovated most of the apartments an denied up with an internal rate of return of (how much ) This property is located in the West Bergen Section of Jersey City and sold for $835,0000.
Headquartered in North Bergen, New Jersey, Cervelli Real Estate & Property Management was founded in 1983 and is recognized as one of the state’s most experienced specialists in commercial investment real estate and property management. Aimed at providing professional brokerage services to private investors and financial institutions involved in income producing multi-family properties and shopping centers, Cervelli offers comprehensive research-driven transaction solutions. The Cervelli team provides professional property and facility management services to a wide range of clients such as state institutions, condominium associations and private owners. Cervelli takes pride in upholding an undisputed reputation built on honesty, integrity, and experience in the investment real estate industry.
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