HOBOKEN, NJ–The Curling Club Apartments, a 240-unit apartment complex here, has been sold to JPMorgan Chase for $125 million, GlobeSt.com has learned.
HFF had marketed the 15-year-old development on behalf of PNC Realty Investors, as investment advisor to the AFL-CIO Building Investment Trust, which acquired the property ten years ago. HFF announced Monday that it had closed the sale, but did not disclose the price or the buyer.
Lately, the largest deals in Hudson County across from Manhattan have been for multifamily development property in adjacent Jersey City, where JPMorgan is also weighing a major project right now. Last month, the state Economic Development Authority said it will award the company a Grow NJ tax incentive award totaling $224 million over ten years if it goes ahead with proposed expansion of its regional technology and operations hub in Jersey City.
The Curling Club includes four five-story residential buildings that are set above a single- level parking garage, It also has a free-standing, single-story clubhouse and an interior courtyard for residents. The complex fills a block bordered by Grand Street and Adams Street and 12th St. and 11th St., and extends over half of the block between Grand and Clinton Street.
All of the apartments are two-bedroom, two-bathroom units. The community has a fitness center, resident's lounge, storage units and garage parking. There is shuttle service to the PATH station.
HFF's investment sales team representing the seller included Jose Cruz, Kevin O'Hearn and Michael Oliver of the firm's New Jersey office and Andrew Scandalios and Jeff Julien from the New York City office.
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