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Adjacent Jersey City Multifamily Properties Trade for $221.5M
A CBRE team of Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, and Daniel Blumenkrantz closed the sale of Lenox and Quinn Apartments, two adjacent Class A multifamily assets totaling 408 units in Jersey Jersey City’s Paulus Hook neighborhood.
At $221.5 million, it represents the largest single multifamily transaction in New Jersey in nearly five years, according to CBRE. Dunne and his team represented the seller, institutional investors advised by J.P. Morgan Asset Management, while also procuring the buyer, Hines Interests.
Dunne said, “This marks our team’s latest significant multifamily sale in Metro New York in the past few months. Since the end of last year, we’ve completed several notable transactions including 15 Bank in White Plains (501 units), Sutton Landing Deer Park (200 units), Sutton Landing Mount Sinai (225 units), both on Long Island, Avalon Mamaroneck in Westchester County (229 units), Hudson Mews in North Bergen, New Jersey (288 units), and now Lenox and Quinn (408 units) for a total consideration of over $825 million.”
Built in 2017, the Lenox includes 255 units and a 257-space automated parking garage. The Quinn totals 153 units and was built a year later in 2018. Both properties offer luxury apartment finishes and expansive amenity packages.
- ◦Sale/Acquisition
