A rendering of BELA at 74 Maple St. in Jersey City — Courtesy: JLL
By Joshua Burd
A joint venture has sold a newly built, 104-unit apartment building in Jersey City’s Bergen-Lafayette neighborhood, in a $53 million transaction brokered by JLL.
The real estate services firm represented the partnership of Alpine Development, Fields Development Group and Grade Development Co. in their sale of BELA, which sits at 74 Maple St. and about a block from Liberty State Park. Golden Glades Capital Management purchased the complex, which is also steps from a Hudson-Bergen Light-Rail station, free and clear of existing financing.
“The Bergen-Lafayette section of Jersey City was well received by the investment community and this property in particular had a strong following with the private buyers,” said Jose Cruz said, who led the JLL brokerage team alongside Michael Oliver, Kevin O’Hearn, Steve Simonelli and J.B. Bruno. He also noted that the building sits within a federally designated Opportunity Zone, allowing its owners to qualify for certain tax benefits.
In a news release, JLL touted BELA’s proximity to Interstate 78, which provides accessibility to the Hudson waterfront and Lower Manhattan. Designed by Minno & Wasko Architects and Planners and completed in 2019, the eight-story property features a mix of high-end one- and two-bedroom apartments, with amenities including a fitness center, yoga studio, grilling stations, outdoor lounge, club room and furnished suites for guests.
BELA also offers on-site parking and bike storage via its first-floor garage and about 2,600 square feet of ground-level retail.