Listen to this articleA recent Jersey City property sale by Toll Brothers Apartment Living and a joint venture partner marks the largest multifamily transaction in the state year to date.
That’s according to JLL Capital Markets, which announced the deal for The Morgan at Provost Square Oct. 15. The full-service global provider of capital solutions represented the seller. It also advised the buyer, real estate private equity firm Rockpoint, on the acquisition financing. Financial terms were not disclosed.
Located at 160 Morgan St. in the Powerhouse Arts District, the waterfront luxury apartment tower boasts 417 units with a current occupancy level of more than 97%. The mix of studios and one-, two- and three-bedroom residences comprises only market-rate units. It’s complemented by 12,700 square feet of retail space and a seven-story parking garage with 372 covered spaces. The partners announced the project in 2013.
According to an Oct. 14 announcement from Rockpoint about the purchase, its dedicated property services affiliate, Rockhill Management, will manage The Morgan. The group will also oversee significant upgrades there.
Rising 38 stories, The Morgan spans 365,361 rentable square feet. JLL put the average apartment size at 876 square feet. The building also features penthouse units on the top two floors.
The strategic location is steps from the Grove Street PATH Station with direct access to the Manhattan Financial District and Midtown. Other nearby transit options include: other PATH trains, NY Waterway Ferry service and the Hudson-Bergen Light Rail. The building is also about 1 mile from Interstate 78 and the Holland Tunnel.
A ‘unique opportunity’
Senior Managing Directors Jose Cruz, Michael Oliver and Steve Simonelli, along with Senior Director Ryan Robertson and Directors Elizabeth DeVesty and Austin Pierce led the JLL Capital Markets team.
“The Morgan at Provost Square presented investors with a unique opportunity to acquire a high-rise apartment tower at a discount to replacement cost with an irreplaceable location,” noted Cruz.
Along with its transit-oriented location, strong local rent growth and stable demand “created compelling investment fundamentals in one of the New York metropolitan area’s most dynamic markets,” Cruz added.
Apartments features stainless steel Whirlpool kitchen appliances, espresso cabinets, quartz countertops, Kohler plumbing fixtures, wood-style flooring, and full-size in-unit GE washers and dryers.
The Morgan welcomes guests and tenants to a lobby with concierge services, along with offering a suite of resort-style amenities. Perks include:
- Rooftop pool with Manhattan skyline views
- Fitness center
- Sky lounge with a private conference room
- Outdoor serenity courtyard with a fire pit
- Pet spa and dog wash station
- Secured bike storage
- Multiple co-working spaces
Rockpoint’s other New Jersey Gold Coast properties include The Declan and Embankment House.
