Two of the taller buildings that have popped up in Jersey City’s Paulus Hook neighborhood over the last decade have officially changed hands and fetched a price that makes the deal the largest multifamily transaction in New Jersey in nearly five years.
Representatives of CBRE recently announced the sale of the Lenox and Quinn apartment complexes for $221.5 million, two adjacent Class A multifamily assets totaling 408 units. The properties, situated near the Hudson Bergen Light Rail in a walkable Downtown neighborhood, sport a mix of studio, one-bedroom, and two-bedroom apartments that are currently 96% leased.
CBRE represented the sellers in the transaction, who were institutional investors advised by J.P. Morgan Asset Management. Houston-based Hines Interests is now the new owner of the properties.
“Jersey City benefits from strong renter demand and population growth, making The Lenox and Quinn an attractive investment in a supply-constrained market,” said Jason Alderman, senior managing director and city head of New York at Hines. “It’s amenity-rich location and spacious units cater to modern renters and differentiates itself from rental products in Manhattan.”
The surrounding Paulus Hook submarket has seen a nearly 8% annual rent growth since 2019, which outpaces Jersey City overall and even the neighboring market Hoboken. Lenox and Quinn are both within a short walk of the Grove Street and Exchange Place PATH stations.
Built in 2017, Lenox consists of 255 units and includes a 257-space automated parking garage. Quinn, which was completed the following year, totals 153 units. Both properties offer luxury apartment finishes and expansive amenity packages including rooftops with BBQ gas grills and pool, and resident lounges.
“Over the past several years, Jersey City has attracted exceptional demand from renters and investors alike,” said CBRE’s Stuart MacKenzie when announcing the deal. “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.”
The area around both properties is slated to gain a slew of new residents in the coming years. Jersey City’s planning board green lit an application late last year to bring two towers, 397 residential units, a school expansion, and large retail spaces to the former Golden Cicada property just a block away from The Lenox and Quinn.
