The Union at Lyndhurst at 1301 Wall Street West — Courtesy: JLL
By Joshua Burd
An investment manager has sold a 328-unit luxury apartment complex in Lyndhurst, in a newly announced transaction by JLL.
In a news release, the brokerage team said it represented Mesirow Institutional Real Estate Direct Investments in its disposition of The Union at Lyndhurst. The deal comes six years after the financial services firm purchased the property at 1301 Wall Street West, which boasts a location at the nexus of Route 17 and Route 3 and less than seven miles from the Lincoln Tunnel.
Pacific Urban Investors acquired the complex for an undisclosed sum.
“We had great interest on Union at Lyndhurst given its location and quality,” JLL’s Jose Cruz said. “Investors liked the access to (New York City) specifically as well as the lack of multifamily rentals in the immediate area. The demand from the institutional investor universe for high-quality multi-housing in the New York area is accelerating going into the year end.”
Cruz brokered the sale in tandem with Michael Oliver, JB Bruno, Kevin O’Hearn and Steve Simonelli of JLL’s Morristown-based capital markets team. They noted that The Union comprises studio, one-bedroom and two-bedroom units averaging 1,007 square feet, with high-end interior design and amenities such as courtyards, a dog park, a fitness center and a heated outdoor pool.
“The long-term fundamentals of the U.S. residential apartment sector remain attractive as a result of secular shifts in the economy,” said Alasdair Cripps, CEO of Mesirow Institutional Real Estate Direct Investments. “We are pleased with the performance of The Union property within our portfolio since its acquisition in August 2015. Mesirow Institutional Real Estate Direct Investments remains opportunistic as both an acquirer and seller of high-quality multi-housing rental units across the U.S.”
