Hoboken complex fetches $37M.
AEW Capital Management acquired the property for approximately $37 million on behalf of an institutional client. Cruz and his team represented the seller and procured the buyer in the transaction.
Located at 1300 Clinton Street, The Metropolitan maintains a 98 percent apartment occupancy rate, and tenants enjoy a gated garden and 24-hour fitness center. The 4,000-square-foot retail component is fully leased to four tenants including Ganache.
"The Metropolitan is a great property in Hoboken, which has emerged as one of the fastest-growing communities in the tri-state area," Cruz noted.
"Within this context, nearly two dozen bids resulted in one of the lowest cap rates ever achieved within New Jersey's thriving Gold Coast market." According to Cruz, Clinton Street Apartments sought to take advantage of the current market in which multifamily properties have become a favorite among investors.
The purchase represents AEW Capital Management's first foray into the Hoboken market. "Both parties achieved their goals," Cruz said.
"Clinton Street Apartments got a great price for the building, while AEW Capital Management gained a quality asset in a prime location that promises a significant, short-term increase in value."
Cushman & Wakefield's Metropolitan Area FSG specializes exclusively in real estate investment banking in northern New Jersey; Connecticut; and Long Island and Westchester County, New York.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Sep 22, 2004|
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