Greystar Nabs NJ Community for $70M

By Corina Stef

Greystar Real Estate Partners has acquired Observer Park, a 115-unit multifamily development located in Hoboken, N.J. Invesco Real Estate sold the property for $70.3 million. The new owner plans to renovate and reposition the asset through unit and common area upgrades.

“This acquisition is indicative of Greystar’s continued commitment to acquiring high-quality, well-located assets in high-barrier markets where we are best positioned to add value and improve properties for residents and deliver returns for our investors,” Greystar CEO Bob Faith said in a prepared statement.

The 12-story asset is located at 51 Garden St., and was built in 1991. It is situated on top of a three-story, 141-space public parking deck accessible by residents through the building. The community includes one-, two- and three-bedroom units and features a series of amenities such as a fitness center, package concierge, terrace with gas grills and lounge areas, indoor parking, a hospitality bar with Starbucks coffee, 24-hour laundry, dry cleaning pickup and delivery, and controlled-access lobbies.

Transit-oriented asset

Hoboken Terminal provides easy and quick mass transportation options, in addition to PATH trains, buses, NJ Transit trains and the New York Waterway Ferry. Midtown Manhattan, the World Trade Center and Jersey City are a 20-minute train ride away, while the property is located in the vicinity of the highly accessed Washington Street, eateries, bars and cafes, retailers and entertainment options.

Cushman & Wakefield’s Andrew Merin, Adam Spies, David Bernhaut, Gary Gabriel and Ryan Dowd represented the seller in the transaction.

Images via www.observerpark.com