The largest single multifamily transaction in the state of New Jersey in nearly five years is on the books, according to a Tuesday announcement from CBRE. Lenox and Quinn Apartments, two adjacent Class A multifamily assets totaling 408 units in Jersey City, was sold to Hines Interests for $221.5 million.
CBRE’s Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Daniel Blumenkrantz represented the seller, institutional investors advised by J.P. Morgan Asset Management, and also procured the purchaser.
The Lenox and Quinn buildings are situated in Jersey City’s Paulus Hook neighborhood with immediate access to shopping, dining, nightlife and other urban amenities. The properties are within a short walk of the Grove Street and Exchange Place PATH stations, allowing seamless access to New York City in under 15 minutes.
Built in 2017, the Lenox consists of 255 units and includes a 257-space automated parking garage. The Quinn totals 153 units and was built a year later, in 2018. Both properties offer luxury apartment finishes and expansive amenity packages including rooftop with barbecue gas grills and pool, resident lounge, fitness center and kid’s playroom, to name a few.
“This marks our team’s latest significant multifamily sale in metro New York in the past few months. Since the end of last year, we’ve completed several notable transactions, including 15 Bank in White Plains (501 units), Sutton Landing Deer Park (200 units) and Sutton Landing Mount Sinai (225 units), both on Long Island, Avalon Mamaroneck in Westchester County (229 units), Hudson Mews in North Bergen, New Jersey (288 units), and now Lenox and Quinn (408 units), for a total consideration of over $825 million,” Dunne said.
“Over the past several years, Jersey City has attracted exceptional demand from renters and investors alike. New Jersey’s waterfront should continue to outperform, with Manhattan rents hitting all-time highs, compelling renters to seek more value outside of the city,” MacKenzie said.
