In Largest NJ Apartment Sale of 2018, Hoboken's Rivington Sells for $146M
“The Hudson Waterfront market remains a target for REITs, pension fund advisors and private buyers alike,” says HFF's José Cruz.
HOBOKEN, NJ—The Rivington, a 240-unit, luxury apartment community in Hoboken, NJ, has sold for $146 million in the largest apartment sale in New Jersey so far in 2018.
Holliday Fenoglio Fowler marketed the property exclusively on behalf of institutional investors advised by J.P. Morgan Asset Management. Equity Residential purchased the property free and clear of existing debt. The HFF investment advisory team representing the seller included senior managing director José Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Capital continues to be attracted to multifamily assets in markets with high barriers to entry and significant future rental growth,” says Cruz. “The Hudson Waterfront market remains a target for REITs, pension fund advisors and private buyers alike.”
The Rivington, 1130 Grand Street, is in the heart of the dynamic northwest section of Hoboken, which offers commuters access into Manhattan via the Hoboken PATH Station, 14th Street Ferry Terminal and the NJ Transit bus line. The property is within blocks of multiple retail amenities along Washington Street as well as the 5.4-acre Northwest Park.
Completed in 1999, The Rivington features 240 two-bedroom, market-rate units housed within four six-story apartment buildings, each with one story of covered parking at ground level. A large portion of units have been renovated since 2014. Community amenities include an updated fitness center, newly renovated courtyard with lounge and grilling areas, clubhouse, private storage lockers and a Zipcar pickup/drop off station.