The Reel

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A blog for breaking sales and neighborhood real estate news.

The multifamily sector in northern New Jersey followed 2013’s record marks with higher figures in 2014, as transactional volume rose by 23% in a fourth consecutive year of steady increases. Dollar volume increased 22% to $1.4B on the year, representing a new 10-year high and an increase of nearly 300% from 2009’s total. The average price per square foot has risen 16% this year, to $152, while cap rates have compressed, down 19 bps to 6.7% since last year. Sales activity surged in 4Q14, with 61% of 2H14’s dollar volume coming in the last quarter of the year. Four multifamily deals topped $100M in 2014, all in Hudson and Bergen counties, including JPMorgan Chase’s acquisition of The Curling Club Apartments in Hoboken for $125M.