PROPERTY NAME: Brunswick Estates
ADDRESS: Jersey City, New Jersey
DESCRIPTION: Dane Professional Consulting Group has been retained as the exclusive agent in the sale of a wonderfully situated 14-building project consisting of 131 residential units benefiting from Project Based Section 8 HAP contract. Minutes from Manhattan, residents take full advantage of the stellar location and easy commute into New York City and other neighboring business centers in the tri-state area.
The complex is known as the Brunswick Estates with 14 buildings comprised of one, two, and three-story row houses with initial occupancy in 1985. Unit mix for the property is divided as follows: 34 two-bedrooms, 6 handicap two-bedrooms, 58 three-bedrooms, 22 four-bedrooms, and 10 five-bedroom apartments. Property is situated on two non-contiguous parcels in Jersey City with many forms of public transportation within in minutes from the site. Residents also are in short distance to major retail corridors.
Given its proximity to Manhattan and measures taken by the current Fulop administration, the last few years have resulted in a boom of development and surge in economic activity in Jersey City. Heralded as “the sixth borough,” more and more families and young professionals alike are opting to take advantage of the blossoming Jersey City community as opposed to similarly developed neighborhoods in Brooklyn, whose rents are approaching and in some cases have eclipsed rents in Manhattan.
As Jersey City continues to flourish and be greatly developed, Brunswick will have strong rental appeal for years to come—and a prime asset to own in one’s growing portfolio.
Given the historically stable occupancy of the property, the suggested future improvements of the physical asset, and the prime location of Brunswick Estates in one of the most desired neighborhoods of New Jersey, the property will likely remain sought out after in all phases of the economic market cycle. Brunswick Estates presents an ideal opportunity for a purchaser to enhance their portfolio holdings and maintain as strong rental property for many years.