Madox in Jersey City, a 131-unit luxury apartment community, has traded investor hands, according to East Rutherford-based Cushman & Wakefield.
The community, which is located at 189 Van Vorst St. in the Paulus Hook neighborhood, has traded institutional investors advised by J.P. Morgan Asset Management to Equity Residential.
Madox is a seven-story building with six levels of residential sitting over a multilevel parking deck. It features amenities including a rooftop deck with solar panels, a fitness center, children’s play room, lounge, bike storage and more.
Cushman & Wakefield’s New Jersey capital markets team orchestrated the sale, it said.
“The downtown Jersey City submarket has seen extremely limited and infrequent institutional-grade multifamily acquisition opportunities, which made this offering particularly attractive,” Brian Whither of Cushman & Wakefield, said. “Equity Residential, which already owns a number of properties in the Paulus Hook neighborhood, has made a strategic play to expand its local presence.”
Whitmer, along with Andrew Merin, David Bernhaut, Gary Gabriel, Adam Spies, Kevin Donner, Ryan Dowd and Mark Phillips handled the deal on behalf of Cushman & Wakefield.
“In a market dominated by high-rise apartment properties, Madox is a popular choice among residents who are looking for the close-knit living environment of a boutique building. This profile was a significant investment draw,” Donner said. “Paulus Hook’s feel as a residential enclave is one of the top competitive advantages of Madox, as residents avoid the hustle and congestion of being within the other downtown Jersey City neighborhoods that are densely developed and have a dominant commercial identity.”
Financial terms were not disclosed.
