Cushman & Wakefield Brokers Sale of Paulus Hook Boutique Multifamily Property
JERSEY CITY, N.J., Jan. 28, 2019 – A 131-unit luxury apartment community in the highly desirable Paulus Hook neighborhood of Jersey City has traded from institutional investors advised by J.P. Morgan Asset Management to Equity Residential. Cushman & Wakefield’s New Jersey capital markets team orchestrated the sale of Madox, located at 198 Van Vorst St., following active bidding among a myriad of investor types.
“The downtown Jersey City submarket has seen extremely limited and infrequent institutional-grade multifamily acquisition opportunities, which made this offering particularly attractive,” noted Cushman & Wakefield’s Brian Whitmer, who handled the assignment with Andrew Merin, David Bernhaut, Gary Gabriel, Adam Spies, Kevin Donner, Ryan Dowd and Mark Phillips. “Equity Residential, which already owns a number of properties in the Paulus Hook neighborhood, has made a strategic play to expand its local presence.”
Constructed in 2013, Madox is a highly amenitized, LEED Silver certified community. The seven-story structure includes six levels of residential over a multi-level parking deck. The building includes a rooftop deck with solar panels, fitness center, children’s play room, lounge and bike storage. The units are appointed with finishes consistent with the top-end of the luxury market, such as stainless-steel appliances, quartz countertops, hardwood floors and full-size washers and dryers.
“In a market dominated by high-rise apartment properties, Madox is a popular choice among residents who are looking for the close-knit living environment of a boutique building. This profile was a significant investment draw,” Donner added. “Paulus Hook’s feel as a residential enclave is one of the top competitive advantages of Madox, as residents avoid the hustle and congestion of being within the other downtown Jersey City neighborhoods that are densely developed and have a dominant commercial identity.”
Paulus Hook offers a charming streetscape, walkability to restaurants and retail, and numerous public transit options to Manhattan. Residents are only a short walk to the light rail, PATH trains, or multiple NY Waterway ferry stops. Additionally, the Newark Avenue Pedestrian Plaza – which has emerged as a one of the top dining and entertainment destinations in the New York Metropolitan area – is within a 10-minute walk.
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $135 billion in assets under management and over 800 professionals (as of September 30, 2018), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com.