1000 Jefferson St. in Hoboken — Courtesy: JLL
By Joshua Burd
Clarion Partners has sold a 217-unit luxury apartment building in Hoboken, a long-held asset for the global investment firm, in a newly announced deal by JLL.
The buyer, Invesco Real Estate, paid an undisclosed sum for the six-story complex at 1000 Jefferson St., according to a news release. The transaction comes with what the listing team touted as “significant value-add potential” for a property built in 2007, noting that some 25 percent of units are available for renovation to the highest finish level.
JLL senior managing directors Jose Cruz, Steve Simonelli and Mike Oliver, Senior Director Elizabeth DeVesty, Director Austin Pierce and Senior Analyst Luke Chakonis led the team representing the seller.
“This transaction represents a rare opportunity to acquire a well-located, institutionally managed asset in a market that has proven incredibly resilient through various economic cycles,” Cruz said. “Hoboken’s combination of limited supply, strong demographics and unparalleled access to Manhattan continues to drive investor demand for quality multifamily assets like 1000 Jefferson.”
Acquired by Clarion in 2008, the property has 93 one-, 114 two- and 10 three-bedroom apartments averaging 960 square feet, the news release said. It also has resort-style amenities including a swimming pool, a 24-hour fitness center, a rooftop deck with Manhattan views and a 217-space parking garage providing one space per unit.
Renters, meantime, have easy access to the Hudson-Bergen Light Rail’s 9th Street station, PATH trains to Manhattan, NJ Transit rail and bus service and ferries to New York City. The city’s famed Washington Street’s retail and restaurant corridor is within walking distance, while the property is less than 10 minutes by car from the Holland and Lincoln tunnels.
