Apartments Near the Meadowlands Sell for $91M
- Aug 23, 2016
East Rutherford, NJ—The Monarch, a 316-unit apartment community located across from MetLife Stadium in the Meadowlands, NJ, has traded for $91.5 million. The property was completed in 2014 and is 97 percent occupied.
The Monarch is situated on 15.8 acres at 100-120 Schindler in East Rutherford, NJ. The property’s units average 922 square feet, each with sizable kitchens with stainless steel appliances and quartz breakfast bars, hardwood flooring, nine-foot ceilings, oversized windows, and in-unit washers and dryers.
Common amenities include an outdoor swimming pool with sundeck, two outdoor courtyards with firepits and grilling stations, a fitness center with a yoga studio, lounge with bar and gaming area, children’s playroom, business center, and on-site sundries store. The property also features covered parking and a two-story lobby with 24/7 concierge, and residents have access to shuttle service to Secaucus Junction, which provides train service into Manhattan and the surrounding area.
HFF marketed the property on behalf of the unnamed seller, a partnership between a New Jersey-based developer and an institutional owner. The property’s buyer was likewise was a private group.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Robert Borny. “The Monarch is a very visible asset in the Meadowlands,” said Cruz. “The quick lease-up of this property is evidence of the strength of the submarket.”
Photo courtesy of Rent Cafe