The Morgan at Provost Square at 160 Morgan St. in Jersey City — Courtesy: JLL
By Joshua Burd
A joint venture led by Toll Brothers has sold a 417-unit high-end apartment tower in Jersey City, in a deal that brokers touted as New Jersey’s largest multifamily transaction this year.
JLL represented the seller, which includes the Toll Brothers Apartment Living affiliate, in the trade of what’s known as The Morgan at Provost Square. Private equity firm Rockpoint purchased the 38-story high-rise at 160 Morgan St., which opened in 2016 in the heart of downtown Jersey City and just a half-mile from the Hudson River waterfront.
Terms were not disclosed.
“The Morgan at Provost Square presented investors with a unique opportunity to acquire a high-rise apartment tower at a discount to replacement cost with an irreplaceable location,” said Jose Cruz, a senior managing director with JLL’s Morristown-based capital markets team. “The property’s position adjacent to the Grove Street PATH Station, combined with Jersey City’s continued strong rental growth and stable occupancy levels, created compelling investment fundamentals in one of the New York metropolitan area’s most dynamic markets.”
The JLL team included Cruz, senior managing directors Michael Oliver and Steve Simonelli, Senior Director Ryan Robertson and directors Elizabeth DeVesty and Austin Pierce. The firm also advised the Boston-based buyer on acquisition financing.
According to a news release, the fully market-rate tower is currently 97 percent occupied and has floorplans ranging from studios to three-bedroom units, plus penthouse units on the top two floors. The 365,361-square-foot building also has some 12,700 square feet of retail space and a seven-story parking garage with 372 covered spaces.
“The Morgan Provost Square is a terrific addition to our multifamily portfolio,” said Dan Domb, Rockpoint’s managing member and chief operating officer. “Rockpoint’s deep familiarity with Jersey City and the broader Hudson waterfront, combined with our vision for enhancing the resident living experience in collaboration with the Rockhill team, positions the community as a desirable living space in a growing and dynamic neighborhood with easy commuting access to Manhattan and other employment centers.”
Amenities at The Morgan include a lobby with concierge services, a rooftop pool with Manhattan skyline views, a fitness center, a sky lounge with a private conference room and an outdoor serenity courtyard with a fire pit, among others, JLL said. Renters, meantime, are within walking distance of dining, shopping and entertainment options such as Whole Foods Market.
They can also reach Manhattan’s Financial District and Midtown via the PATH train in 15 and 23 minutes, respectively. Also nearby are NY Waterway Ferry service, the Hudson-Bergen Light Rail, Interstate 78 and the Holland Tunnel.
