Columbia Property Trust Buys Northern New Jersey Community

JLL secured a two-year, floating-rate loan of $20.5 million on behalf of the buyer.
The Ashton. Image courtesy of JLL

One of Columbia Property Trust’s investment funds has acquired The Ashton, a newly delivered 93-unit community in Jersey City, N.J. JLL secured a two-year, $20.5 million floating-rate loan from Rialto Capital Management on behalf of the buyer.

The six-story, Class A property has one- and two-bedroom apartments with floorplans ranging from 706 to 994 square feet. Units have granite countertops, stainless steel appliances and in-unit washers and dryers. Common-area amenities include a rooftop deck, bicycle racks, a fitness center and an 8,000-square-foot second-story deck with firepits.

Located at 2 Ash St., the community is within an Opportunity Zone alongside Interstate 78. Jersey City’s historic downtown is 1 mile from the property, with Lower Manhattan 3 miles away.

The JLL team representing the buyer included Jon Mikula, Andrew Zilenziger and Zachary Chaikin. In August 2019, part of the same team arranged a five-year construction loan for a 220-unit, Class A development in Englewood, N.J.