HFF closes $91.5 million sale of luxury apartment community in East Rutherford, New Jersey
FLORHAM PARK, NJ – August 15, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $91.5 million sale of The Monarch, a 316-unit, Class A, luxury apartment community located across from MetLife Stadium in the heart of the Meadowlands.
HFF marketed the property exclusively on behalf of the seller, a partnership between a New Jersey-based developer and an institutional owner. The purchaser of the property was a private group.
The Monarch is situated on 15.8 acres at 100-120 Schindler in East Rutherford, New Jersey. The six-story property is just off Route 3 near the New Jersey Turnpike/Interstate 95 exit within minutes of Route 17 and 21 and the Garden State Parkway, providing access around the State of New Jersey and into Manhattan. Completed in 2014, the 97-percent-leased property encompasses 316 units averaging 922 square feet each with best-in-class features, including large kitchens with stainless steel appliances and quartz breakfast bars, hardwood flooring, nine-foot ceilings, oversized windows, abundant closet space and in-unit washers and dryers. Community amenities include an outdoor swimming pool with sundeck, two outdoor courtyards with firepits and grilling stations, fitness center with yoga studio, lounge with bar and gaming area, children’s play room, business center, on-site sundries store, covered parking and two-story lobby with 24/7 concierge. Additionally, the property offers residents shuttle service to Secaucus Junction, which provides train service into Manhattan and the surrounding area.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Robert Borny.
“The Monarch is a very visible, high-quality multi-housing asset in the Meadowlands, which is one of Northern New Jersey’s most active markets,” according to Cruz. “The quick lease-up of this property is evidence of the strength of the submarket.”
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.