In the latest reminder that Hudson waterfront rentals are still a hot ticket, Greyhill Group and P3 Properties have closed on Riverbend at Port Imperial, a waterfront apartment community in West New York, for about $125.3 million. The deal shifts the 301-unit building out of institutional hands and into a joint ownership led by a regional private equity operator and a New York investor, reinforcing investor appetite for transit-adjacent rentals along the Hudson River.
Deal details
CoStar News reported the transaction and lists the property at 24A Avenue at Port Imperial, naming PGIM as the seller and pegging the price at roughly $125.3 million. Marketed as Riverbend at Port Imperial, the complex sits directly on the Hudson River and offers Manhattan skyline views. The sale quickly made the rounds on industry transaction feeds and property listings.
Buyers and the property
Greyhill Group announced the acquisition in a company post, saying it had "JUST CLOSED" on Riverbend at Port Imperial with P3 Properties as a joint venture partner and listing a purchase price of about $125,250,000, per Greyhill Group. The post highlighted strong connectivity and demand in the Port Imperial submarket. The buyers did not outline any public timetable for capital improvements or a repositioning plan.
Financing and brokers
Debt placement notes show the acquisition was financed with roughly $98.5 million in acquisition lending, according to Placed. Industry deal summaries on Traded: New Jersey identify Newmark brokers Adam Spies, Adam Doneger, Gene Pride and Michael Collins as the team on the transaction and show a per unit price just north of $416,000, per Traded: New Jersey. Those figures line up with the buyer announcement and public sale feeds.
Why Port Imperial
Port Imperial’s ferry and light rail connections to Manhattan continue to support strong renter demand for waterfront housing, and regional pipeline data show ongoing multifamily development in the submarket, per Berkadia. Current listings for Riverbend show one bedroom asking rents in the low to mid $3,000s, pointing to pricing pressure from nearby Manhattan inventory, according to Apartments.com. That blend of transit access and limited immediate new supply has kept coastal Hudson County assets attractive to buyers seeking stabilized cash flow.
What’s next
Greyhill’s post described Riverbend as "institutional-quality housing" but offered no specifics on near-term renovation plans or rent strategy, leaving the operators’ playbook unclear in public materials and transaction notes, per Greyhill Group. Local brokers say modest amenity and interior upgrades are a common first move after acquisitions like this, though each sponsor’s approach can differ. For now, the deal adds another headline to the steady run of investment targeting New Jersey’s commuter belt apartments.
