Equity Residential has purchased a 131-unit luxury apartment community in the Paulus Hook neighborhood of Jersey City from institutional investors advised by J.P. Morgan Asset Management. The sale price was not disclosed.
A Cushman & Wakefield New Jersey capital markets team of Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Adam Spies, Kevin Donner, Ryan Dowd and Mark Phillips brokered the sale on behalf of the seller.
Built in 2013 on a 0.5-acre lot, Madox is a seven-story, LEED Silver certified community located at 198 Van Vorst St., offering easy access to the nearby light rail, PATH trains and NY Waterway ferry stops. The neighborhood is highly walkable and offers numerous restaurants and retail options.
Community amenities at Madox include a multi-level parking deck, rooftop deck with solar panels, a fitness center, children’s play room, lounge and bike storage. Unit interiors feature high-end finishes, stainless steel appliances, quartz countertops, hardwood floors, and full-size washers and dryers. The property was 92.4 percent occupied as of December, with monthly rents ranging from $2,659 for a studio to $4,050 for a two-bedroom unit, according to data provided by Yardi Matrix.
“The downtown Jersey City submarket has seen extremely limited and infrequent institutional-grade multifamily acquisition opportunities, which made this offering particularly attractive,” said Whitmer, in prepared remarks. “Equity Residential, which already owns a number of properties in the Paulus Hook neighborhood, has made a strategic play to expand its local presence.”
Just this week, Kushner Real Estate Group and National Real Estate Advisors closed on $258 million in financing for the construction of Tower Two of the partnership’s Journal Squared project, which is also located in Jersey City.
Image courtesy of Cushman & Wakefield