HOBOKEN, NJ-AEW Capital Management acquired the Metropolitan, a 128-unit luxury apartment and retail property in this Hudson River waterfront city. The Boston-based real estate investment advisory firm is paying $37 million for the upscale property, a price tag that factors out to just under $290,000 per residential unit.

The seller of the Metropolitan was Clinton Street Apartments LLC, a local partnership group. The transaction was arranged by a team headed by Jose Cruz of Cushman & Wakefield’s Metropolitan Area Financial Services Group, East Rutherford, which represented the seller and procured the buyer. AEW Capital Management acquired the property on behalf of an institutional client, according to Cruz.

“The Metropolitan is a great property in Hoboken, which has emerged as one of the fastest growing communities in the tri-state area,” Cruz says. “Within this context, nearly two dozen bids resulted in one of the lowest cap rates ever achieved within this market.”

According to Cruz, the seller was looking to take advantage of the current market in which multifamily properties have become a real favorite among investors. The acquisition also represents AEW’s initial foray into this market. “Both parties achieved their goals in the transaction. Clinton Street Apartments got a great price for the building, while AEW Capital Management got a quality asset in a prime location that promises a significant short-term increase in value.”

Located at 1300 Clinton St. here, the Metropolitan is currently maintaining a 98% occupancy rate. The property’s 4,000-sf retail component is fully leased to four tenants, including Ganache, the upscale pastry chain.

Founded in the late 1980s by executive vice presidents Andrew Merin and David Bernhaut, Cushman & Wakefield’s Metropolitan Area FSG has generated more than $5 billion in sales transactions in the tri-state area’s suburbs in the past decade. For the past two years, the group has turned over more than $1 billion in transactions annually and is on path to hit that number again this year, according to Cruz.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.