HOBOKEN, NJ - HFF closed on the sale of 800 Madison, a 217-unit apartment building with ground-floor retail here, after marketing the property for the seller.
The DSF Group acquired the property for a reported $110 million. It spans the block between Madison and Monroe Streets, and 8th and 9th Streets, in northwest Hoboken.
The HFF team of Jose Cruz and Andrew Scandalios, along with Kevin O'Hearn, Jeff Julien and Michael Oliver arranged the deal.
The property is located a block from the Hudson-Bergen light rail stop, adjacent to a large grocery store. 800 Madison was completed in 2008 by the Tarragon Corp. as part of its Upper Grand development. Its one-, two- and three-bedroom apartments are 99% leased.
The complex amenities include a courtyard swimming pool with hot tub and sundeck, outdoor patio with grills, two rooftop terraces, fitness center, resident lounge and private garage parking.
"800 Madison represents DSF's third acquisition in the NY metropolitan area in 2013,” noted Cruz. Cruz said it has quietly become one of the most successful private real estate investment firms in the U.S.
Josh Solomon, president of DSF, said its company was pleased to “further expand our portfolio in one of the strongest markets in the country."
Since 2000, DSF – which has offices in Boston and Washington, D.C. - has invested more than $2 billion in five million square feet. DSF specializes in converting and redeveloping existing properties and in developing new properties.
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