JLL completes $53M sale of new apartment community in Jersey City

By Emily Bader
Jersey City | Mar 19, 2020 at 4:45 am

JLL Capital Markets announced on Wednesday it has completed the $53 million sale of BELA, a newly-developed luxury apartment community located within a qualified opportunity zone in Jersey City’s Bergen-Lafayette neighborhood.

JLL’s Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli and J.B. Bruno marketed the property on behalf of the seller, a partnership between Alpine Development, Fields Development Group and Grade Development Co. It was purchased by Golden Glades Capital Management.

The eight-story, 104-unit property has a mix of one- and two-bedroom units averaging at 982 square feet. Community amenities include 2,600 square feet of ground-floor retail, rooftop views of Manhattan and Jersey City, a fitness center, yoga studio, grills, outdoor lounge, club room, furnished suites for guests, onsite parking, bike storage, a garage and more.

“The Bergen-Lafayette section of Jersey City was well received by the investment community and this property in particular had a strong following with the private buyers,” Cruz said.

BELA is situated one block from Liberty State Park’s Hudson Bergen Light Rail station and within close access to Interstate 78.

Emily Bader | ebader@roi-nj.com | @emilybader