Mariner’s Landing at 312 Portside Drive in Edgewater — Courtesy: JLL
By Joshua Burd
The longtime owner of a 110-unit luxury apartment complex in Edgewater has put the property on the market for sale, in an offering by JLL’s New Jersey capital markets group.
The brokerage team is representing the would-be seller, whose name was not disclosed, noting that the Mariner’s Landing development at 312 Portside Drive has a waterfront location with value-add potential. Built in 1999, the fully gated community includes one-, two- and three- bedroom homes across six three-story buildings, with average in-place rents that are roughly 11 percent below the market in an area with little new supply coming online.
The property is also more than 97 percent leased.
“Over the last decade, ownership has implemented various levels of interior unit renovations, however there is substantial opportunity to continue the most recent renovation scope on the oldest renovations as well as 15 percent of the units that are original,” JLL wrote in its offering materials. “Mariner’s Landing presents a rare value-add opportunity to acquire a fully market-rate apartment complex situated on the exclusive Hudson River waterfront with unobstructed views of New York City.”
Spanning nearly 8.4 acres, Mariner’s Landing is a half-mile from NY Waterway service to Midtown Manhattan and less than three miles from the New Jersey Turnpike, JLL said. Units average 1,337 square feet, with some offering loft-style layouts, and amenities such as a heated outdoor pool, a sundeck and a 24-hour fitness center.
JLL’s Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty, Austin Pierce and Bradley Wachenfeld are leading the marketing team on the assignment, with the firm’s Thomas E. Didio Jr. and Gerard Quinn available for financing advisory.
