3343 Park Ave., Union City, NJ 3343 Park Ave., Union City, NJ

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LIVINGSTON, NJ—Locally-based Tuli Realty has acquired the400-unit "Golden Peak" multifamily portfolio in theHudson-Palisades region from Urban American Management and DixonAdvisory for $65 million.

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In total, the Golden Peak Portfolio is comprised of 13 buildingslocated at seven properties in West New York, five properties inUnion City and one in North Bergen.

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Gebroe-Hammer Associates' EVP Niko Nicolaou, represented theseller in the transaction and procured the buyer. Financing for thedeal was arranged by Elliot Treitel of Meridian Capital Group.

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The properties that were traded included: West New York: 1-962nd St. (85 units), 119 60th St. (24 units), 155 60th St. (17units), 505-07 57th St. (47 units), 525-27 60th St. (23 units),6412 Park (27 units) and 90 64th St. (27units); Union City: 3343Park Ave. (17 units), 3347 Park Ave. (17 units), 509 47th St. (31units), 531 34th St. (33 units) and 801 21st St. (21 units) andNorth Bergen: 7112 Park Ave. (31 units).

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"North Hudson's municipalities are among the most denselypopulated in the United States because of their proximity toHoboken and Jersey City to the south and Manhattan just across theHudson River," says Nicolaou. "And like their South Hudsoncounterparts, these towns and cities are undergoing a renaissanceof their own that presented new ownership an extremely rareacquisition opportunity with an untapped critical-mass value-addcomponent."

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He adds that the three North Hudson towns—along with Weehawkenand Guttenberg—are popular with investors because they boast "anextremely varied tenant base of hard-working families, youngprofessionals and New York City transplants seeking an alternativeto Midtown rent prices."

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.