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160 Vroom St. in Jersey City — Courtesy: CBRE
By Joshua Burd
A private investment group has purchased a 41-unit apartment building in Jersey City for more than $8 million, according to a brokerage team with CBRE.
The property, 160 Vroom St., includes one- and two-bedroom units and allows residents to be a five-minute walk from the Journal Square transit hub. CBRE’s Fahri Ozturk, Richard Gatto and Zach McHale represented the seller, a New York City-based family office, touting it as “an exceptional value-add acquisition for the new owners.”
“The property has been meticulously maintained by the previous ownership,” Ozturk said. “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.”
The team also procured the buyer in the $8.15 million deal.
“Now more than ever, it is imperative to run a comprehensive marketing process to maximize value for our clients,” Gatto said. “We created a competitive bidding environment for 160 Vroom which ultimately led to a hard contract and timely closing.”
In a news release, CBRE noted that residents are minutes from offerings and retail options such as Starbucks, Dunkin’, Whealth Kitchen, Mana Contemporary, Saint Peter’s University and Hudson County Community College.
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