Rockpoint, a Boston-based real estate private equity firm, said Oct. 14 that it purchased The Morgan Provost Square, a Class A apartment community in the Waterfront submarket of Jersey City, from a joint venture including Toll Brothers Apartment Living. Financial terms of the transaction were not disclosed.
Overall, The Morgan has 417 multifamily units, 372 covered parking spaces and about 12,700 square feet of fully leased ground floor retail space across five suites. Rockhill Management, Rockpoint’s property services affiliate, will manage the property and oversee upgrades intended to further elevate the resident experience.
The Morgan Provost Square features oversized units with 10- and 12-foot ceilings, expansive windows and high-end finishes. Outdoor resident amenities include a rooftop pool, courtyard, fire pit, dog park and outdoor dining. Indoor amenities include a fitness center, a coworking lounge, clubroom, library, gaming lounge, a children’s playroom, dog spa and coffee lounge. The building also offers 24/7 concierge and package services. Secured parking and bike storage are available.
“The Morgan Provost Square is a terrific addition to our multifamily portfolio,” said Dan Domb, managing member and chief operating officer at Rockpoint. “Rockpoint’s deep familiarity with Jersey City and the broader Hudson waterfront, combined with our vision for enhancing the resident living experience in collaboration with the Rockhill team, positions the community as a desirable living space in a growing and dynamic neighborhood with easy commuting access to Manhattan and other employment centers.”
Rockpoint has closed on or committed to 140 residential investments since 1995, comprising more than 97,000 multifamily units, including a prior large investment in Veris Residential. The firm’s current investments in New Jersey’s Gold Coast market include The Declan, the first of three ground-up luxury developments in the Port Imperial submarket that began leasing last year, and Embankment House, a stabilized Class A community in the Hamilton Park neighborhood of Jersey City.
“We are excited for the opportunity to elevate the resident and retail tenant experiences at The Morgan,” said Erin Beitz, executive vice president, residential at Rockhill. “We look forward to bringing our understanding of resident needs to enhancing a well-built property and offering the high-end living experience sought by the discerning renter in Jersey City.”
The property is located within walking distance of the Grove Street PATH station and has access to Interstate 78 and the Holland Tunnel, offering multiple direct routes to New York City. The surrounding Gold Coast market is undergoing significant urban revitalization and has become a highly desirable destination.
JLL Capital Markets advised Rockpoint on acquisition financing and represented the seller in the transaction.
