AvalonBay Picks Up 217 Units for $129.7 Million

Halstead 800 Madison, Hoboken, NJ

HOBOKEN, NJ — The DSF Group has sold Halstead 800 Madison , its 217-unit, transit-oriented, class A apartment community in Hoboken, NJ, to AvalonBay Communities for $129.7 million. Holliday Fenoglio Fowler represented DSF Group in marketing the property and brokering the transaction. “Demand for multifamily continues to outpace other product types.   This is one of the highest prices achieved in the state and it is justified given the submarket, quality of the asset, and potential upside in the deal,” says José Cruz , HFF senior managing director, who led the HFF investment sales team representing The DSF Group with senior managing director Andrew Scandalios , managing director Kevin O’Hearn, and associate directors Michael Oliver and Stephen Simonelli . “800 Madison is one of Hoboken’s nicest residential assets and its prime location provides easy access to all parts of the city.  The property is very well leased and experiencing rent growth,” says José Cruz , HFF senior managing director, who led the HFF investment sales team representing The DSF Group with senior managing director Andrew Scandalios , managing director Kevin O’Hearn, and associate directors Michael Oliver and Stephen Simonelli . “The buyer will benefit all around from both the strength of the Hoboken market and the demand for quality units at the property.” HFF previously assisted The DSF Group in the acquisition of the property in late 2013. Completed in 2008, the five-story property occupies a full city block and has one-, two- and three-bedroom units averaging 998 square feet each.  The community features a courtyard with resort-style swimming pool and hot tub, sundeck, barbecue dining area, bocce court and fire pit.  Other amenities include a state-of-the-art fitness center, yoga studio, children’s playroom, media room with full kitchen and lounge seating, pet spa, bike repair shop, 24/7 concierge and two rooftop decks providing views of New York City. Halstead 800 Madison is located at the intersection of Madison and 8 ^th Streets, one block from the 9 ^th Street Light Rail Station, which provides access to the Hoboken PATH station, as well as other waterfront towns such as Jersey City, Bayonne and Weehawken.