A 171-unit multifamily complex in New Jersey’s Hudson County just changed hands for $36.5 million.
The General Kearny Apartments community at 41-109 Belgrove Drive in Kearny was sold by John Pjeternikaj of JP Management, a New Jersey-based real estate developer who bought the six-building complex for $11 million in 2004, according to public records.
The buyer was Robert Tagliareni, a New Jersey-based real estate investor focusing on mixed-use, multifamily, retail and office assets, sources told The Real Deal. Tagliareni declined to comment and Pjeternikaj did not return phone messages seeking comment.
The apartment complex sits on a three-acre parcel of land. None of the units in the property are rent-controlled, sources said. Under its ownership, JP Management made improvements to the property, having installed new windows and courtyards. But the new owner plans to immediately give a $1 million facelift to the property, including roof upgrades, replaced doors and updates to the lobby and common areas.
California-based FPA Multifamily has recently acquired Hillcroft Village, a 192-unit apartment complex at 10 Clapboard Ridge Road in Danbury, Connecticut, for $41.2 million. The seller was Timberline Real Estate Ventures. Additionally, West of Hudson Properties snapped up a six-apartment-building portfolio in Jersey City for $21.45 million.