Nest Micro Apartments at 190 Academy St. in Jersey City
By Joshua Burd
A developer is seeking a buyer for a newly completed, 122-unit collection of so-called micro-apartments in Jersey City, in an offering by JLL’s New Jersey capital markets team.
According to the brokers, the property at 190 Academy St. features furnished studios with an average size of 231 square feet. Monthly rents at the Nest Micro Apartments start at $1,277, offering a 20 percent discount to comparable units in the surrounding Journal Square neighborhood, JLL said, while still generating $65 per square foot.
The seven-story building, which opened earlier this year, is expected to draw offers around $35 million.
“Nest Micro Apartments offers investors the opportunity to acquire an extremely efficient multifamily community, appealing to a large demographic of working professionals, in a trending transit-oriented neighborhood, meeting the demand of today’s workforce,” JLL wrote in a recent email announcement. The firm noted that the property is a seven-minute walk to the Journal Square PATH station and less than one mile from Interstate 78, providing easy access to the Hudson waterfront, Hoboken, Manhattan and the broader region.
JLL added that “units are custom-designed using transformable furniture allowing for highly efficient and flexible living, dining and sleeping configurations.”
“Units are fully furnished which eliminates the stress and hassle of moving while reducing costs,” the firm wrote. “The property features extensive common space to promote a sense of community, hosting social events which balances the small dwelling units.”
The building, part of a fast-growing section of Jersey City, has amenities such as a resident lounge, a café with bar seating, a fitness center, bike storage, a laundry room and a rooftop deck with New York City skyline views, JLL said. The complex has a flat fee of $125 for all additional charges including amenities, electric, water, sewer, trash, unit Wi-Fi and furniture.
JLL’s Michael Oliver, Jose Cruz, Steve Simonelli, Ryan Robertson, Kevin O’Hearn and Austin Pierce are leading the assignment, working with Matthew Pizzolato from the firm’s debt and equity placement team.