October 21, 2020
SVN Affordable | Levental Realty arranged the sale of a four-property, 412-unit portfolio in Jersey City’s Journal Square neighborhood to a joint venture between Hudson Valley Property Group and Nuveen, the asset manager of TIAA. Terms of the acquisition weren’t disclosed.
The acquisition extends affordability across the properties and will include sustainable upgrades to the existing buildings. With Jamie Renzenbrink taking the lead as senior advisor, SVN Affordable acted as the exclusive listing broker and was responsible for valuing, marketing and negotiating the transaction on behalf of the undisclosed seller.
The four properties, known as Van Wagenen I (233 units), Van Wagenen II (114 units), Bergen Manor (40 units) and Kennedy Manor (25 units), are subsidized by long-term Project-Based Section 8 HAP contracts. The renovation plans include reimagining the building access with next-generation controls, lobby rejuvenation, full elevator modernization and complete boiler upgrades.
Pictured: Van Wagenen I.
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