Hoboken Apartments For $146M; 'Largest Sale This Year,' Firm Says

HOBOKEN, NJ — A luxury apartment community in Hoboken has sold for $146 million in what a real estate firm is calling “the largest apartment sale in New Jersey in 2018,” as of the beginning of May.

On Monday, Holliday Fenoglio Fowler L.P. announced the sale of The Rivington, a 240-unit “luxury apartment community” at 1130 Grand Street northwest Hoboken.

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 firm stated.

According to a news release from HFF:

“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.”

“Capital continues to be attracted to multifamily assets in markets with high barriers to entry and significant future rental growth,” stated HFF senior managing director Jose Cruz. “The Hudson Waterfront market remains a target for REITs, pension fund advisors and private buyers alike.”

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Photo: Holliday Fenoglio Fowler