Soho Lofts at 273 16th St. in Jersey City
By Joshua Burd
Mack-Cali Realty Corp. has closed on its nearly $264 million acquisition of a 377-unit luxury apartment complex in Jersey City, brokers with HFF announced Wednesday.
The brokerage team touted the closing after representing AEW in the sale of Soho Lofts, a newly developed, two-building property at 273 16th St. Mack-Cali purchased the property on behalf of its Roseland Residential Trust subsidiary.
“Investors responded very favorably to this offering, given the lack of multi-housing opportunities on the waterfront and the building’s high-quality construction,” said Jose Cruz, a senior managing director with HFF. “Core offerings like Soho Lofts in core locations like Jersey City provide significant future capital appreciation along with current returns.”
Cruz completed the sale alongside HFF’s Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky. Mack-Cali announced in January that it was in talks to acquire the property.
Located just south of Hoboken and west of the Holland Tunnel, Soho Lofts is part of an emerging neighborhood that is transitioning from aging industrial buildings to high-end multifamily properties. The property, which has connected towers of 13 and 20 stories, consists of 369 studio through three-bedroom units and eight townhouses.
Residents have access to amenities such as an infinity edge pool, private poolside cabanas, fireside seating with outdoor TV and a cinema room, HFF said. The complex also includes 17,300 square feet of ground-floor retail space and a 375-space parking garage.
HFF touted the property’s location adjacent to Interstate 78 and its proximity to the PATH train, ferry service and an NJ Transit bus terminal.