$121 Million Sale of Rivet Apartments Marks Major West Side Deal

Two apartment complexes in Jersey City’s West Side have been sold for $121 million in a major residential real estate transaction.

The properties—Rivet and Rivet 26—are located at 23 and 26 University Place Boulevard and include a total of 362 residential units and approximately 19,552 square feet of retail space. Cushman & Wakefield’s Northeast Multifamily Advisory Group brokered the sale on behalf of the sellers.

The Hampshire Companies and Claremont Development sold the buildings to Sym Investments, a real estate firm based in Cedarhurst, New York. According to the company’s website, Sym Investments focuses on acquisitions in growth markets and manages more than $300 million in assets.

Built in phases beginning in 2018, the two buildings are part of a broader redevelopment initiative in Jersey City’s West Side. While earlier plans envisioned additional phases with more residential buildings, future development has not yet moved forward.

The properties include amenities such as lounges, fitness centers, co-working spaces, and 75,000 square feet of shared common areas. Ground-floor retail tenants include Five Guys, Carvel, and Qdoba. The location is within walking distance of the West Side Avenue station on the Hudson-Bergen Light Rail.

“This deal represents the sale of an institutional-quality asset in a rapidly emerging market,” said Niko Nicolaou of Cushman & Wakefield, which represented the sellers.