Invesco Snaps Up New Jersey Community
The property last traded in 2008.
Invesco Real Estate has purchased 1000 Jefferson, a 217-unit community in Hoboken, N.J. Clarion Partners sold the asset in a transaction brokered by JLL Capital Markets.
Clarion Partners had previously acquired 1000 Jefferson in 2008 from Beachwold Residential, Yardi Matrix data shows. At the time, the property changed hands for $116.2 million, or $535,438 per unit.
The six-story community came online in 2007 at 1000 Jefferson St. The unit mix comprises one-, two- and three-bedroom floorplans ranging from 695 to 1,455 square feet. Shared amenities include a swimming pool, fitness center, rooftop deck and a parking garage with 217 spots.
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Located across the Hudson River, the community is close to Lincoln Tunnel Expressway, connecting the city to Midtown Manhattan, some 4 miles east. The property sits between Washington and Columbus parks, in proximity to the Ninth Street/Congress Street light rail station.
JLL Capital Markets Senior Managing Directors Jose Cruz, Steve Simonelli and Mike Oliver, Senior Director Elizabeth DeVesty, Director Austin Pierce and Senior Analyst Luke Chakonis led the sales and advisory team that arranged the transaction on behalf of the seller.
New York City multifamily sector holds steady
At the end of the first quarter, New York City’s multifamily investment landscape reached a velocity 20 percent higher compared to the prior yearlong period. Activity rose across all five boroughs and investors seemed to favor assets completed after the year 2000, according to a Marcus & Millichap report.
Year-over-year through March, the average cap rate in New York City clocked in at 6.4 percent, reaching the highest value since 2011. During the same month, the average price per unit stood at $350,000, below the 2022 peak of $375,000.
