N.J.’s top sale of ’18: Hoboken apartments fetch $146M

By Eric Strauss
Hoboken | May 8, 2018 at 7:00 am

A luxury apartment property in Hoboken has sold for $146 million, according to real estate firm Holliday Fenoglio Fowler L.P.

HFF said in a news release Monday that The Rivington, which has 240 units at 1130 Grand St. in Hoboken’s northwest section, was sold to Equity Residential by undisclosed institutional investors advised by JPMorgan Asset Management.

It is the largest apartment sale in New Jersey so far this year, HFF added.

The investment advisory team representing the seller included Jose Cruz, senior managing director; Kevin O’Hearn, managing director; and Michael Oliver and Stephen Simonelli, senior directors. The team had exclusively marketed the property for the seller.

“Capital continues to be attracted to multifamily assets in markets with high barriers to entry and significant future rental growth,” Cruz said in a prepared statement. “The Hudson Waterfront market remains a target for (real estate investment trusts), pension fund advisers and private buyers alike.”

The Rivington features 240 two-bedroom, market-rate units in four six-story apartment buildings that each has one story of covered parking at ground level. The building, built in 1999, has undergone major renovations since 2014.

 

Eric Strauss | estrauss@roi-nj.com | acerimrat