A high-rise development that sparked a renaissance in Jersey City’s Powerhouse Arts District when it was built almost a decade ago has changed hands in what is likely the largest multi-unit sale in New Jersey this year.
JLL Capital Markets has officially announced the sale of The Morgan at Provost Square, representing the joint venture seller in the transaction that included Toll Brothers Apartment Living. The 417-unit luxury apartment tower at 160 Morgan Street is now owned by 160 Morgan Owner LLC, a subsidiary of Boston-based Rockpoint Group.
The 38-story high-rise, completed in 2016, spans 365,361 rentable square feet with an average apartment size of 876 square feet. The property is currently over 97% occupied and consists entirely of market-rate units, 12,700 square feet of retail space on the ground floor, and a seven-story parking garage with 372 covered spaces.
A letter to residents that was sent out in October 9 confirmed the sale. The property will now be managed by Bozzuto Management Company following the transaction, which was spearheaded by The JLL Capital Markets team of Senior Managing Directors Jose Cruz, Michael Oliver and Steve Simonelli, along with Senior Director Ryan Robertson and Directors Elizabeth DeVesty and Austin Pierce.
“The Morgan at Provost Square presented investors with a unique opportunity to acquire a high-rise apartment tower at a discount to replacement cost with an irreplaceable location,” said Cruz in statement. “The property’s position adjacent to the Grove Street PATH Station, combined with Jersey City’s continued strong rental growth and stable occupancy levels, created compelling investment fundamentals in one of the New York metropolitan area’s most dynamic markets.”
The Morgan at Provost Square features resort-style amenities that include a lobby with concierge services, a rooftop pool, a fitness center, a sky lounge with a private conference room, an outdoor serenity courtyard with a fire pit, and a pet spa and dog wash station, secured bike storage and multiple co-working spaces.
The complex is just a short walk to the Grove Street PATH station and was initially part of the larger Provost Square redevelopment plan that has since been split up. The most recent component of the plan, 151 Bay, recently opened next door and is slated to house the New Jersey Symphony Orchestra inside its ground floor theater space.
The Morgan at Provost Square marks the second major purchase in Jersey City by Rockpoint during recent years. The company previously acquired both the Embankment and Revetment House properties in Hamilton Park from LeFrak back in 2023.
