Major Luxury Apartment Tower in Jersey City Changes Hands in Record Breaking Deal

New Jersey’s largest mixed real estate sale this year was a Jersey City luxury apartment complex purchase. Toll Brothers Apartment Living sold Rockpoint the Provost Square Morgan. It has 38 tales. The address is 160 Morgan Street.

The 2016 building comprises 417 market-rate apartments and 365,361 square feet for rent. On the top two levels are penthouses and studios, one-, two-, and three-bedroom apartments. At least 97% of apartments are rented. The seven-level parking garage has 372 covered spaces and 12,700 square feet of commercial space.

Rockpoint sought JLL Capital Markets’ assistance. JLL managed money and transactions. The purchase was a major step toward multi-unit New Jersey house ownership.

The deal is different since the land is larger and elsewhere. Grove Street PATH ends at Morgan. Financial District and Midtown take 15 and 23 minutes, respectively. There include bike storage, work spaces, a rooftop pool with Manhattan views, a sky club, a gym, a pet spa, and dog wash stations. Espresso cabinets, quartz countertops, stainless steel appliances, wood-style floors, and full-size washers and dryers are in apartments.

The $246 million price tag and rental industry investment in New Jersey were reported. They saw a tremendous opportunity because the facility was in a terrific location, made money regularly, and had room to boost rent.

This purchase demonstrates investors trust New York City’s waterfront and public transportation-accessible urban multifamily properties. Rockpoint’s purchase improves lives and its New Jersey business. After the record sale, wealthy investors may buy excellent rental homes.

Sources

JLL Capital Markets announces sale of The Morgan at Provost Square.
Toll Brothers JV sells Jersey City luxury tower.
Rockpoint buys The Morgan at Provost Square in Jersey City.
Waterfront high-rise sells in year’s biggest multifamily deal for New Jersey.
Sale of 38-story luxury Jersey City tower