Hines Acquires Jersey City Asset From J.P. Morgan
The deal represents the Garden State’s largest single multifamily transaction in almost five years.
Hines has acquired a Jersey City apartment building for $221.5 million in New Jersey’s largest single multifamily transaction in nearly half a decade. CBRE brokered J.P. Morgan Asset Management’s sale of the Lenox and Quinn Apartments.
The property comprises two adjacent Class A multifamily assets totaling 408 apartment homes.
The east side of Jersey City has an A location rating, according to Yardi Matrix, with 72 properties totaling about 23,000 units. Average rent in that market is slightly more than 4,000 per month, as of June.
The twin communities are situated in Jersey City’s exclusive Paulus Hook neighborhood and offer immediate access to shopping, dining, nightlife and other urban amenities.
Built in 2017, the Lenox consists of 255 units and includes a 257-space automated parking garage. The Quinn, built in 2018, totals 153 units. Both properties offer luxury apartment finishes and expansive amenity packages, including rooftops with gas grills and pools, resident lounges, fitness centers and playrooms for children. The properties are within a short walk of the Grove Street and Exchange Place PATH stations, allowing residents to travel to New York City in under 15 minutes.
Busy market
Institutional investors advised by J.P. Morgan Asset Management recently secured a $147.7 million five-year, fixed-rate loan from PGIM Real Estate refinancing Gio Midtown, a 32-story, 447-unit luxury mixed-use property in midtown Miami.
CBRE’s Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Daniel Blumenkrantz worked on the transaction.
In recent months, CBRE has been involved in $825 million in multifamily sales in metro New York. Since the end of last year, its notable transactions include the 501-unit 15 Bank property in White Plains, N.Y., the 200-unit Sutton Landing Deer Park and the 225-unit Sutton Landing Mount Sinai communities on Long Island and the 229-unit Avalon Mamaroneck in Westchester County. On the New Jersey side of the Hudson River, CBRE advised on the sale of the 288-unit Hudson Mews property in North Bergen.
