AEW Sells Soho Lofts in New Jersey for $263.8M

HFF closes $263.8M sale of Soho Lofts in Jersey City, New Jersey
Soho-Lofts

April 10, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $263.8 million sale of Soho Lofts, a 377-unit, luxury apartment property in Jersey City, New Jersey.

HFF marketed the property exclusively on behalf of the seller, AEW, and procured the buyer, Mack-Cali Realty Corporation, acting on behalf of Roseland Residential Trust, its growing multi-housing platform.

Soho Lofts is located at 273 16th Street on the border of Jersey City and Hoboken in the expanding “South of Hoboken” neighborhood. The property is immediately adjacent to Interstate 78 and the Holland Tunnel and is proximate to downtown Hoboken, as well as the PATH train, ferry terminal and NJ Transit Bus Terminal. Completed in 2018, the property consists of 369 studio through three-bedroom units as well as eight townhouses situated within 13- and 20-story towers connected by four- and seven-story structures. Soho Lofts also includes 17,300 square feet of ground-floor retail space and a 375-space parking garage. Units average 1,191 square feet in size with best-in-class features, including gourmet kitchens with stainless steel appliances, custom cabinetry and granite countertops; bathrooms with enclosed glass showers, rain showerheads and Carrara tile; expansive windows with views of the Manhattan skyline; 10-foot ceilings; white oak flooring; exposed duct work; and in-unit washers and dryers. The property includes numerous resort-style amenities, including an infinity edge pool, private poolside cabanas, fireside seating with outdoor TV, cinema room, Zen garden, expansive fitness center, indoor/outdoor yoga room, 10-person sauna, demonstration kitchen and private party room, arcade lounge with billiards and shuffleboard, tech lounge, children’s playroom and dog grooming rooms.

The HFF investment advisory team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky.

“Investors responded very favorably to this offering, given the lack of multi-housing opportunities on the waterfront and the building’s high-quality construction,” Cruz stated. “Core offerings like Soho Lofts in core locations like Jersey City provide significant future capital appreciation along with current returns.”

 

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CommercialDealsMultiFamilyNationalNew JerseyNortheastSales

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