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.