A pair of developments across the street from each other sold to a real estate investment group for an eyebrow-raising price just about six years after the first phase opened.
Cushman & Wakefield announced it arranged the sale of Rivet and Rivet 26, two Class A multifamily communities in Jersey City. Located at 23 and 26 University Place Boulevard, the modern complex consists of 362 total units and 19,552 square feet of commercial space.
The Hampshire Companies and Claremont Development worked on the project together and sold them both to Cedarhurst, New York-based Sym Investments. The final sale price was $121 million for the community, which is situated along Jersey City’s emerging West Side.
Cushman & Wakefield’s Northeast Multifamily Advisory Group, including Niko Nicolaou, Ryan Dowd JP Hohl, Peter Welch and Alexandria Ebers, represented the sellers in the transaction.
“This deal represents the sale of an institutional quality asset in a rapidly emerging market on the west side of Jersey City,” said Nicolaou, who co-leads the Northeast Multifamily Advisory Group. “The connectivity to New York City positions the community to strongly benefit from the outsized demand for quality housing in the region.”
Rivet and Rivet 26 offer a mix of studios, one-bedroom and two-bedroom apartments featuring high-quality finishes. The extensive array of amenities at the complex includes 75,000 square feet of shared amenity space with entertainment lounges, fitness centers and co-working lounges.
The communities also include a mixed-use retail portion, with retail tenants including Five Guys, Carvel, and Qdoba. The properties are located a quick walk away from the West Side Avenue station along the Hudson-Bergen Light Rail.
The Rivet community had at one point hoped to eventually be home to six residential buildings and over 1,000 units, but plans for the next phase have yet to materialize.
