A team of CBRE professionals, including Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Daniel Blumenkrantz successfully closed the sale of two Class A multifamily assets in Jersey City’s Paulus Hook neighborhood. The properties, known as Lenox and Quinn Apartments, consist of 408 units combined.
This transaction marks the largest single multifamily deal in New Jersey in almost five years according to CBRE. Dunne and his team represented the institutional investors advised by J.P. Morgan Asset Management who were selling the properties while also securing Hines Interests as the buyer.
Dunne stated that this is just one example of their recent success in Metro New York’s multifamily market with other notable deals including 15 Bank (501 units), Sutton Landing Deer Park (200 units), Sutton Landing Mount Sinai (225 units) on Long Island; Avalon Mamaroneck (229 units) in Westchester County; Hudson Mews (288 units)in North Bergen; and now Lenox and Quinn for a total consideration exceeding $825 million since last year.
Both buildings offer high-end finishes and extensive amenities such as an automated parking garage at Lenox which was built in 2017 with 255 apartments while Quinn was completed a year later with 153 luxury residences. This latest acquisition adds to Hines’ growing portfolio within this desirable area.
