CBRE Arranges Largest Single Multifamily Transaction in NJ in Nearly 5 Years

On Jul 16, 2024

CBRE has announced the $221.5 million sale of Lenox and Quinn Apartments, two adjacent Class A multifamily assets totaling 408 units in Jersey City. This represents the largest single multifamily transaction in New Jersey in nearly five years. CBRE represented the seller, institutional investors advised by J.P. Morgan Asset Management, while also procuring the purchaser, Hines Interests.

Featuring a 96 Walk Score, the Lenox and Quinn are situated in Jersey City’s highly coveted Paulus Hook neighborhood with immediate access to shopping, dining, nightlife, and other urban amenities. The properties are within a short walk of the Grove Street and Exchange Place PATH stations allowing seamless access to New York City in under 15 minutes.

Built in 2017, the Lenox consists of 255 units and includes a 257-space automated parking garage. The Quinn totals 153 units and was built a year later in 2018. Both properties offer luxury apartment finishes and expansive amenity packages including rooftop with BBQ gas grills and pool, resident lounge, fitness center, and kid’s playroom to name a few.

Jeffrey Dunne, vice chairman with CBRE, said, “This marks our team’s latest significant multifamily sale in Metro New York in the past few months.”

CBRE’s Stuart MacKenzie added, “Over the past several years, Jersey City has attracted exceptional demand from renters and investors alike. New Jersey’s waterfront should continue to outperform with Manhattan rents hitting all-time highs, compelling renters to seek more value outside of the city.”

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