77 Park Ave. in Hoboken — File photo / Courtesy: JLL
By Joshua Burd
Equity Residential has sold a 301-unit apartment building in Hoboken as part of a reported three-state, three-property portfolio sale with a Los Angeles-based buyer.
Brokers with JLL represented the seller in New Jersey deal after announcing last fall that they were marketing the property, 77 Park Ave. The firm noted at the time that the building, constructed in 2000 and renovated in 2014, sits just off Observer Highway and minutes from both Hoboken Terminal and the city’s downtown, housing a mix of floorplans ranging from studios to three-bedroom units.
The fully market-rate complex was 98.3 percent occupied at the time of the listing by JLL’s Jose Cruz, Steve Simonelli, Mike Oliver, Elizabeth DeVesty, Austin Pierce and Ryan Robertson, who also touted on-site amenities such as fully equipped fitness center, a third-floor sundeck and a public and transient parking garage that provides additional income.
Multiple reports earlier this month and a separate announcement by CBRE last week included the Hoboken building as one of three properties acquired by JRK Property Holdings from Equity Residential. The other two, as noted by brokers Rachel Parsons, Derrek Ostrzyzek and Kenji Thomas, include the 408-unit Centennial complex in Seattle and a 94-unit West Los Angeles community known as C on Pico.
Ryan Greer of CBRE’s debt and structured finance practice secured financing for JRK.
