CBRE, Inc. has been retained as the exclusive advisor for the sale of 2808-2822 Kennedy Boulevard (“Property”), a value-add mixed use building surrounded by Journal Squared and The Journal consisting of multiple 50+ story new luxury apartment buildings and located in the thriving Journal Square neighborhood of Jersey City, NJ. The Property is ideally positioned within a one block walk from the Journal Square PATH station which provides direct train service to Manhattan (17± minutes), Downtown Jersey City (7± minutes), and Hoboken (13± minutes).
The Property features 14 one-bedroom apartments, 18 two-bedroom apartments, 4 three-bedroom apartments, as well as 8,016± square feet of retail space (100% leased). 2808-2822 Kennedy Boulevard has been well maintained and is a prime candidate for a strategic value-add improvement program aimed at improving existing unit finishes. Renovating the units upon turnover will allow an investor to push in-place rents nearly 51%, or $768/month, on average.