ING Clarion Buys Apt. Complex for $70M

The seller of the asset was the Kushner Cos., based in Florham Park, NJ, which still retains a portfolio of more than 25,000 apartment units and commercial holdings totaling some five million sf. Kushner had acquired the former industrial site in 1998 and completed the project, which has maintained occupancy rates near 100%, in late 1999.

"The multifamily market in Hudson County has become one of the region's most desirable investment arenas," says Andrew Merin, EVP of Cushman & Wakefield of New Jersey's (East Rutherford) Metropolitan Area Investment Sales Group. Merin and C&W's David Bernhaut, Gary Gabriel and Jose Cruz repped Kushner in the sale and brought ING Clarion to the table as the buyer.

"Kushner took advantage of the current climate to achieve an outstanding return on its investment there," Merin continues. "The extraordinary activity in the investment sales arena has prompted owners to consider selling certain assets in high-demand markets. Kushner continues to grow its regional multifamily and commercial portfolios, and the capital raised with the Curling Club disposition and other sales will assist in future acquisitions."

"Hoboken has experienced tremendous growth in the demand for high-quality multifamily housing over the past several years," adds Jeb Belford, senior director of acquisitions for ING Clarion, a national real estate investment firm. "The market fundamentals have been strengthening, and we have seen the market tighten nicely in recent months. We expect the Curling Club to generate solid rental growth over the short and medium term."

"The Curling Club is a terrific property," concurs Alan R. Hammer, Kushner's acting chairman. "However, the deal was one which we could not pass by." The asset is located at 1122 Grand St. in this Hudson River waterfront city opposite Manhattan, which is accessible by both light rail and ferry service. Its amenities include covered parking and a fitness center.