Buyers Ante Up $67M for Hoboken Apts.

HOBOKEN, NJ-The Juliana, a two-building luxury apartment complex with 128 units, has changed hands for $67 million, according to the broker HFF.

HFF marketed the property for The Milestone Group & Invesco, the seller.  The buyer was AEW Capital Management, through its AEW Core Property Trust.

The Juliana, which has two four-story, “brownstone-inspired” buildings surrounding a 25,000-square-foot courtyard, was built in 2007.  The buildings offer one-, two- and three-bedroom units with an average of 1,068 square feet.  The complex at 600 Jackson Street and 601 Harrison Street is 95% leased.

As is typical in modern high-end Hoboken apartments, there is a significant array of amenities: covered parking garages, cardio and weight rooms, a cyber café, gaming lounge, dog park, fire pit, putting green, sundeck, playground and concierge service. 

The Juliana is within walking distance of the 9^th Street Light Rail station and local bus lines that provide commuters access to the Hoboken PATH station, the NJ Transit train station and the New York Waterway terminals.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O'Hearn and Jeffrey Julien, and associate director Michael Oliver.

According to Cruz, “Invesco/Milestone were able to capitalize on the strong demand for Hoboken multi-housing deals and redeploy capital into other projects.”

Dan Bradley, senior portfolio manager for the AEW Core Property Trust, said his company was excited about the acquisition of a “condo-quality project in Hoboken, one of the most desirable apartment markets in the country.”