JERSEY CITY, NJ–Mill Creek Property Trust plans to turn its recently acquired historic warehouse propertyhere into the city's first loft-style luxury apartments.

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The building is to gain a rooftop deck, fitness center, clubroomwith bar and such amenities as a dog washing station and a bicyclestorage and repair station, in addition to conference rooms.

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Mill Creek and its equity partner RockwoodCapital will transform 350 Warren into 366 upscale unitswith a 24-hour concierge, according to CBRE, whichorchestrated the $38 million sale. (See previous stories here.)

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Jeffrey Dunne, Gene Pride and PatrickCarino of CBRE's New York institutional group representedthe seller and procured Mill Creek as the buyer.

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“350 Warren garnered interest from national, regional andManhattan developers for its unique 'loft building' characteristicsand prime Jersey City central business district,” Dunne said. “MillCreek is acquiring a redevelopment asset unlike any of theconventional apartment projects in Jersey City.”

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The eight–story structure, set within the Powerhouse ArtsDistrict, offers 12.5-foot ceilings, exposed brick, large windows,wood beams and columns.

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The Jersey City downtown area has swelled in population since2000, Dunne noted. Since 2003 more than 7,600 residential rentalunits have been added and absorbed.

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Dunne said the renter profile looks like this: 25-to-44 yearsold, with more than 75% having at least a college degree, 88%working in white-collar jobs and an average annual household incomeof $132,000.

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Situated within the Powerhouse Arts District two blocks from aLight Rail station and one block from the Grove Street PATHstation, the location provides a seven-minute commute toManhattan's World Financial Center and an 18-minute trip toMidtown.

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“Mill Creek is actively and strategically identifying investmentopportunities within the Northeast and we are excited to continueto expand our presence in New Jersey with another luxury apartmentcommunity,” said Richard Murphy of Mill Creek“Jersey City is teeming with new development and we anticipateplaying a major role in the continuing transformation of thisneighborhood.”

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