A 171-unit multifamily complex in New Jersey’s Hudson County just changed hands for $36.5 million.
The General Kearny Apartments community at 41-109 Belgrove Drive in Kearny was sold by John Pjeternikaj of JP Management, a New Jersey-based real estate developer who bought the six-building complex for $11 million in 2004, according to public records.
The buyer was Robert Tagliareni, a New Jersey-based real estate investor focusing on mixed-use, multifamily, retail and office assets, sources told The Real Deal. Tagliareni declined to comment and Pjeternikaj did not return phone messages seeking comment.
David Oropeza and Nicholas Nicolaou of Gebroe-Hammer Associates brokered the transaction. Progress Capital’s Brad Domenico secured a $27 million acquisition loan for the buyer from ConnectOne Bank.
The apartment complex sits on a three-acre parcel of land. None of the units in the property are rent-controlled, sources said. Under its ownership, JP Management made improvements to the property, having installed new windows and courtyards. But the new owner plans to immediately give a $1 million facelift to the property, including roof upgrades, replaced doors and updates to the lobby and common areas.
The multifamily investment sector in New York City’s metropolitan region has started picking up steam in recent months.
California-based FPA Multifamily has recently acquired Hillcroft Village, a 192-unit apartment complex at 10 Clapboard Ridge Road in Danbury, Connecticut, for $41.2 million. The seller was Timberline Real Estate Ventures. Additionally, West of Hudson Properties snapped up a six-apartment-building portfolio in Jersey City for $21.45 million.
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