JERSEY CITY, NJ–Mill Creek Property Trust plans to turn its recently acquired historic warehouse property here into the city's first loft-style luxury apartments.
The building is to gain a rooftop deck, fitness center, clubroom with bar and such amenities as a dog washing station and a bicycle storage and repair station, in addition to conference rooms.
Mill Creek and its equity partner Rockwood Capital will transform 350 Warren into 366 upscale units with a 24-hour concierge, according to CBRE, which orchestrated the $38 million sale. (See previous stories here.)
Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE's New York institutional group represented the seller and procured Mill Creek as the buyer.
“350 Warren garnered interest from national, regional and Manhattan developers for its unique 'loft building' characteristics and prime Jersey City central business district,” Dunne said. “Mill Creek is acquiring a redevelopment asset unlike any of the conventional apartment projects in Jersey City.”
The eight–story structure, set within the Powerhouse Arts District, offers 12.5-foot ceilings, exposed brick, large windows, wood beams and columns.
The Jersey City downtown area has swelled in population since 2000, Dunne noted. Since 2003 more than 7,600 residential rental units have been added and absorbed.
Dunne said the renter profile looks like this: 25-to-44 years old, with more than 75% having at least a college degree, 88% working in white-collar jobs and an average annual household income of $132,000.
Situated within the Powerhouse Arts District two blocks from a Light Rail station and one block from the Grove Street PATH station, the location provides a seven-minute commute to Manhattan's World Financial Center and an 18-minute trip to Midtown.
“Mill Creek is actively and strategically identifying investment opportunities within the Northeast and we are excited to continue to expand our presence in New Jersey with another luxury apartment community,” said Richard Murphy of Mill Creek “Jersey City is teeming with new development and we anticipate playing a major role in the continuing transformation of this neighborhood.”
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