HFF announced that it has closed the sale of The Juliana, a 128-unit, luxury multi-housing property in Hoboken, New Jersey.
HFF marketed the property on behalf of the seller, The Milestone Group & Invesco. AEW Capital Management, LP purchased the asset for $67 million on behalf of the AEW Core Property Trust, the firm’s core open-end fund.
Completed in 2007, The Juliana is comprised of two four-story, “brownstone-inspired” buildings surrounding a 25,000 s/f courtyard.
The property, which is 95 percent leased, offers one-, two- and three-bedroom units averaging 1,068 s.f. Community amenities include four covered parking garages, cardio and weight rooms, a cyber café, gaming lounge, dog park, fire pit, putting green, sundeck, playground and concierge service.
Located at 600 Jackson Street and 601 Harrison Street, The Juliana is within walking distance to the 9th Street Light Rail station and local bus lines that provide commuters access to the Hoboken PATH station, the NJ Transit train station and the New York Waterway terminals.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien, and associate director Michael Oliver.
According to Cruz, “Invesco/Milestone were able to capitalize on the strong demand for Hoboken multi-housing deals and redeploy capital into other projects.”
“We are excited about the acquisition of this condo-quality project in Hoboken, one of the most desirable apartment markets in the country,” said Dan Bradley, senior portfolio manager for the AEW Core Property Trust.
Milestone is one of the largest national multifamily real estate investment advisors and property managers.
Founded in 1981, AEW Capital Management, L.P. provides real estate investment management services to investors worldwide.