HFF Announces $146M Sale of the Rivington in Hoboken, New Jersey
May 07 2018 - 3:21PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of The
Rivington, a 240-unit, luxury apartment community in Hoboken, New
Jersey. This transaction represents the largest apartment sale in
New Jersey in 2018.
The HFF team marketed the property exclusively on behalf of
institutional investors advised by J.P. Morgan Asset Management.
Equity Residential purchased the property free and clear of
existing debt.
The Rivington is situated at 1130 Grand Street in the heart of
the dynamic northwest section of Hoboken, which offers commuters
access into Manhattan via the Hoboken PATH Station, 14th Street
Ferry Terminal and the NJ Transit bus line. Additionally, the
property has a WalkScore® of 94 and is within blocks of multiple
retail amenities along Washington Street as well as the 5.4-acre
Northwest Park. Completed in 1999, The Rivington features 240
two-bedroom, market-rate units housed within four six-story
apartment buildings, each with one story of covered parking at
ground level. A large portion of units have been renovated since
2014. Community amenities include an updated fitness center, newly
renovated courtyard with lounge and grilling areas, clubhouse,
private storage lockers and a Zipcar pickup/drop off station.
The HFF investment advisory team representing the seller
included senior managing director Jose Cruz, managing director
Kevin O’Hearn and senior directors Michael Oliver and Stephen
Simonelli.
“Capital continues to be attracted to multifamily assets in
markets with high barriers to entry and significant future rental
growth,” stated Cruz. “The Hudson Waterfront market remains a
target for REITs, pension fund advisors and private buyers
alike.”
HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real
estate brokers.
About J.P. Morgan Global
Alternatives
J.P. Morgan Global Alternatives is the alternative investment
arm of J.P. Morgan Asset Management. With more than $130 billion in
assets under management and over 800 professionals (as of December
31, 2017), the firm offers strategies across the alternative
investment spectrum, including real estate, private equity and
credit, infrastructure, transportation, liquid alternatives and
hedge funds. Operating from 23 offices throughout the Americas,
Europe and Asia Pacific, its independent alternative investment
engines combine specialist knowledge and singular focus with the
global reach, vast resources and powerful infrastructure of J.P.
Morgan to help meet each client’s specific objectives. For more
information:
https://www.jpmorgan.com/country/US/en/about/asset-management.
About HFF
HFF and its affiliates operate out of 26 offices and are a
leading provider of commercial real estate and capital markets
services to the global commercial real estate industry. HFF,
together with its affiliates, offers clients a fully integrated
capital markets platform including debt placement, investment
advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing. Holliday Fenoglio Fowler,
L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities
L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by
HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com
or follow HFF on Twitter @HFF.
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version on businesswire.com: https://www.businesswire.com/news/home/20180507005868/en/
HFFJOSE CRUZ, (973) 549-2000NJ Lic. #8743725HFF
Senior Managing Directorjcruz@hfflp.comorOLIVIA HENNESSEY,
(713) 852-3500HFF Public Relations
Specialistohennessey@hfflp.com
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