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

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.