FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $77 million sale of The Metropolitan, a 128-unit, Class A apartment community in Hoboken, New Jersey.
HFF marketed the property exclusively on behalf of the seller, AEW Capital Management, L.P., acting on behalf of one of its institutional separate account clients. A joint venture between Advance Realty and a global investment group purchased the asset free and clear of existing debt.
Located in the dynamic northwest portion of Hoboken at the intersection of Clinton and Grand Streets, The Metropolitan consists of two four-story buildings situated above one level of parking and retail. The property’s one-, two- and three-bedroom luxury units average 939 square feet, each with in-unit washers and dryers. The Metropolitan features recently renovated amenities, including a fitness center; resident lounge; activity room with billiards, TV and bar; concierge system and a landscaped courtyard. The 2,000 square feet of ground-floor retail space is occupied by an onsite dry cleaners and nail salon. The 97-percent-leased property is positioned adjacent to a brand new Trader Joe’s and within walking distance to numerous other retail and dining amenities. The transit-oriented community also offers residents easy access into Manhattan via bus, train, shuttle or car.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and directors Michael Oliver and Stephen Simonelli.
“The Hoboken/Jersey City market continues to attract institutional capital and is currently one of the hottest investment markets in the Northeast,” according to Cruz. “The asset is poised for repositioning and offers a significant amount of upside.”
About AEW Capital Management, L.P. Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $57 billion of property and securities in North America, Europe and Asia (as of September 30, 2016). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Dusseldorf, Hong Kong, Singapore, and Sydney as well as additional offices in nine European cities. For more information, please visit www.aew.com.
About Advance Realty: Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J. Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment. Advance’s strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth. For more information, visit www.advancere.com.
About HFF: Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.