The Rivington at 1130 Grand St. in Hoboken — Courtesy: HFF
By Joshua Burd
An affiliate of J.P. Morgan Asset Management has sold a 240-unit, luxury apartment complex in Hoboken for $146 million, HFF said, in New Jersey’s largest apartment sale in 2018.
The brokerage firm said Monday that Equity Residential acquired the property known as The Rivington, located at 1130 Grand St. in the city’s northwest section. Completed in 1999, the complex features 240 two-bedroom, market-rate units housed within four six-story apartment buildings, each with one story of covered parking at ground level.
The HFF team representing the seller included Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Capital continues to be attracted to multifamily assets in markets with high barriers to entry and significant future rental growth,” Cruz said. “The Hudson Waterfront market remains a target for REITs, pension fund advisors and private buyers alike.”
In marketing the property earlier this year, HFF said The Rivington has recently undergone extensive renovations to the common areas, including a redesigned courtyard and a makeover of the fitness center and leasing office. The outgoing owner has also upgraded nearly two-thirds of the apartments in recent years, with some units undergoing layout modifications for a modernized configuration.
HFF said at the time that the remaining 83 units provide the upside for a would-be buyer, touting the property’s access to the Hoboken PATH Station, the 14th Street ferry terminal and the NJ Transit bus line.