Madox at 198 Van Vorst St. in Jersey City — Courtesy: Cushman & Wakefield
By Joshua Burd
Equity Residential has acquired a 131-unit apartment community in Jersey City’s waterfront Paulus Hook neighborhood, brokers with Cushman & Wakefield said Monday.
The real estate services firm announced that institutional investors advised by J.P. Morgan Asset Management sold Madox, a seven-story property at 198 Van Vorst St. Built in 2013, the property includes six levels of residential space over a multilevel parking deck, featuring a host of amenities and high-end finishes and interiors.
The C&W team of Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Adam Spies, Kevin Donner, Ryan Dowd and Mark Phillips marketed the property on behalf of the seller. Terms were not disclosed.
“The downtown Jersey City submarket has seen extremely limited and infrequent institutional-grade multifamily acquisition opportunities, which made this offering particularly attractive,” Whitmer said. “Equity Residential, which already owns a number of properties in the Paulus Hook neighborhood, has made a strategic play to expand its local presence.”
In a news release, C&W touted the neighborhood’s walkability and amenities, along with its proximity to the Hudson-Bergen Light Rail, PATH trains and ferry services. Residents of Madox have access to facilities such as a fitness center, children’s play room and a rooftop deck.
“In a market dominated by high-rise apartment properties, Madox is a popular choice among residents who are looking for the close-knit living environment of a boutique building. This profile was a significant investment draw,” Donner said. “Paulus Hook’s feel as a residential enclave is one of the top competitive advantages of Madox, as residents avoid the hustle and congestion of being within the other downtown Jersey City neighborhoods that are densely developed and have a dominant commercial identity.”
