1180 Raymond Blvd. in Newark — Courtesy: JLL
By Joshua Burd
Eleven80, the luxury apartment tower once seen as a pioneer for market-rate housing in downtown Newark, is on the market for sale.
Brokers with JLL have listed the 37-story, 316-unit property at 1180 Raymond Blvd. and in the heart of the city’s central business district. That location was part of the impetus for a former owner to convert what was a historic office tower into high-end rentals, creating the city’s first market-rate apartment building in 40 years when it debuted in 2006.
Despite challenges that followed — including the 2008 financial crisis — the high-rise today is 98 percent occupied, JLL said. It offers what the firm described as an elaborate amenity package with a bowling alley, a modern fitness center and an indoor basketball court, among others, while renters are two blocks from Newark Penn Station and minutes from a host of retail, dining and entertainment options.
It’s also surrounded by new market-rate apartment buildings that ultimately opened throughout the downtown, starting about a decade later.
“Eleven80 offers a rare opportunity to acquire a best-in-class apartment community in a
prime downtown location steps away from local amenities and transportation,” JLL wrote in its offering materials, later adding: “The Newark CBD market has proven to be an attractive alternative for New York City residents due to lower rents, larger units, newer vintage and ease of access to mass transit. Eleven80’s strategic location in Essex County allows investors to target a population that has grown 11 percent since 2010 to over 866,000 residents.”
The firm’s Jose Cruz, Steve Simonelli, Mike Oliver, Elizabeth DeVesty and Austin Pierce lead the team representing the would-be seller, with support from debt and equity brokers Thomas E. Didio Jr. and Gerard Quinn. They noted that Eleven80 is also a short walk from economic drivers such as the Prudential Center, the Gateway Center office complex, Seton Hall Law School, Rutgers Business School and the New Jersey Performing Arts Center.
The 261,081-square-foot building, which has an average apartment size of 824 square feet and 6,286 square feet of commercial space, also overlooks Military Park.
