February 21, 2017 – 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.”[button href=”http://www.aew.com” style=”flat” size=”medium” color=”#1e73be” target=”_blank”]FOLLOW AEW[/button]