BELA in Jersey City, NJ totals 104 units.

JERSEY CITY, NJ—New York City-based Golden Glades Capital Management has acquired the newly developed luxury 104-unit BELA multifamily property for $53 million.

The property, located in a qualified opportunity zone in the Bergen-Lafayette neighborhood, was sold by a partnership between Alpine Development, Fields Development Group and Grade Development Co. Golden Glades Capital Management purchased the asset free and clear of existing financing, according to JLL, which marketed the property on behalf of the seller.

The JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O'Hearn, Steve Simonelli and J.B. Bruno.

BELA is situated one block from Liberty State Park's Hudson-Bergen Light Rail station and less than one mile from Interstate 78.

Completed in 2019, the eight-story property features a mix of one- and two-bedroom apartments averaging 982 square feet. Units feature Caesarstone countertops, oversized wood cabinets, stainless steel appliances, island kitchens, full-size washers and dryers and large closets. Community amenities include rooftop views of the Manhattan and Jersey City skylines, a fitness center, yoga studio, grilling stations, outdoor lounge, club room and furnished suites for guests.

JLL's Cruz notes, "The Bergen-Lafayette section of Jersey City was well received by the investment community and this property in particular had a strong following with the private buyers."

The property also offers onsite parking and bike storage in its first-floor garage and approximately 2,600 square feet of ground-level retail.

Instant Insights /

Golden Glades Capital Acquires Jersey City OZ Multifamily for $53M

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