FLORHAM PARK, N.J.--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of The Rivington, a 240-unit, luxury apartment community in Hoboken, New Jersey. This transaction represents the largest apartment sale in New Jersey in 2018.
The HFF team marketed the property exclusively on behalf of institutional investors advised by J.P. Morgan Asset Management. Equity Residential purchased the property free and clear of existing debt.
The Rivington is situated at 1130 Grand Street in the heart of the dynamic northwest section of Hoboken, which offers commuters access into Manhattan via the Hoboken PATH Station, 14th Street Ferry Terminal and the NJ Transit bus line. Additionally, the property has a WalkScore® of 94 and is within blocks of multiple retail amenities along Washington Street as well as the 5.4-acre Northwest Park. Completed in 1999, The Rivington features 240 two-bedroom, market-rate units housed within four six-story apartment buildings, each with one story of covered parking at ground level. A large portion of units have been renovated since 2014. Community amenities include an updated fitness center, newly renovated courtyard with lounge and grilling areas, clubhouse, private storage lockers and a Zipcar pickup/drop off station.
The HFF investment advisory team representing the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Capital continues to be attracted to multifamily assets in markets with high barriers to entry and significant future rental growth,” stated Cruz. “The Hudson Waterfront market remains a target for REITs, pension fund advisors and private buyers alike.”
HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $130 billion in assets under management and over 800 professionals (as of December 31, 2017), the firm offers strategies across the alternative investment spectrum, including real estate, private equity and credit, infrastructure, transportation, liquid alternatives and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, its independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: https://www.jpmorgan.com/country/US/en/about/asset-management.
HFF and its affiliates operate out of 26 offices and are 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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.