HOBOKEN, NJ—Cap rates on multifamily properties have grown increasingly aggressive in (fill in the blank). It wouldn’t be surprising if the mystery market were, say, Manhattan, hot neighborhoods in New York City’s outer boroughs or San Francisco. In fact, the market in question is none other than the Gold Coast of Hudson County, despite relatively few sizable properties coming to market.

“Over the past couple of years, we’ve seen a lot of investors coming from more popular areas—specifically, Queens and Brooklyn,” Chris Cervelli, broker associate with Michael Cervelli Real Estate, tells GlobeSt.com. Although rents or sales prices have priced many would-be residents out of Manhattan, “a lot of people work there. And to work there, you have to get there.”

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