From left: Lenox and Quinn at 207 and 197 Van Vorst St. in Jersey City — Courtesy: CBRE
By Joshua Burd
A group advised by J.P. Morgan Asset Management has sold 408 apartments across two properties in Jersey City for nearly $222 million, brokers with CBRE announced Tuesday.
According to a news release, the portfolio includes 225 units at 207 Van Vorst St. and 153 units at 197 Van Vorst St., known as Lenox and Quinn, respectively. Both are luxury rental properties built within the last seven years, offering a location within the city’s popular Paulus Hook neighborhood with easy access to the downtown and mass transit.
CBRE’s Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Daniel Blumenkrantz represented the seller, institutional investors advised by J.P. Morgan Asset Management, touting the $221.5 million deal as the single-largest multifamily transaction in New Jersey in nearly five years. They also procured the buyer, Hines U.S. Property Partners.
“This marks our team’s latest significant multifamily sale in metro New York in the past few months,” said Dunne, a vice chairman with CBRE. He noted that, since late 2023, the group has completed a series of deals across New Jersey, New York and Connecticut with a combined value of more than $825 million.
Built in 2017, the Lenox also includes a 257-space automated parking garage, CBRE said. The Quinn was built a year later, while the properties offer upscale units and amenities such as rooftop space with gas grills and pools, lounges, fitness centers and playrooms.
The properties are also a short walk from the Grove Street and Exchange Place PATH stations, allowing commuters to reach New York City in under 15 minutes.
“Over the past several years, Jersey City has attracted exceptional demand from renters and investors alike,” said MacKenzie, a first vice president with CBRE. “New Jersey’s waterfront should continue to outperform with Manhattan rents hitting all-time highs, compelling renters to seek more value outside of the city.”
In a separate news release, Hines noted that the portfolio of studio, one-bedroom and two-bedroom units is 96 percent leased.
“Jersey City benefits from strong renter demand and population growth, making The Lenox & Quinn an attractive investment in a supply-constrained market,” said Jason Alderman, senior managing director and city head of New York at Hines. “Its amenity-rich location and spacious units cater to modern renters and differentiates itself from rental products in Manhattan.”
