212 Myrtle Ave. in Jersey City — Courtesy: Cervelli Real Estate and Property Management
A longtime apartment owner in Jersey City has added a six-unit building in the Bergen-Lafayette neighborhood, in a deal arranged by Cervelli Real Estate and Property Management.
According to a news release, the property at 212 Myrtle Ave. generated strong investor interest despite challenges such as underperformance, rent-controlled units and low in-place rents. A weaker market and a tightening lending environment further complicated the transaction, Cervelli said, but noted that the building received seven offers and ultimately closed with a qualified cash buyer…