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CBRE successfully facilitated the sale of a multifamily property located at 160 Vroom St. in Jersey City, near the Journal Square PATH station. The 41-unit residential rental building was acquired by a private investment group from a New York City-based family office for $8.15 million.

The marketing campaign and negotiations were led by CBRE’s Tri-State Capital Markets team consisting of Fahri Ozturk, Richard Gatto, and Zach McHale. The buyer was also procured by CBRE.

According to Ozturk, “The new owners have made an excellent value-add acquisition with 160 Vroom St., which has been impeccably maintained by its previous ownership.” He further noted that the property’s prime location in Jersey City’s Journal Square neighborhood played a significant role in attracting buyers who acted quickly to secure this deal.

Gatto added that their team created healthy competition among potential buyers resulting in a hard contract and timely closing for this transaction.