EAST RUTHERFORD, NJ—The Monarch, a 316-unit, class A, luxury apartment community located across from MetLife Stadium in the heart of the Meadowlands, has changed hands for $91.5 million.
Holliday Fenoglio Fowler marketed the property exclusively on behalf of the seller, a partnership between a New Jersey-based developer and an institutional owner. The purchaser of the property was a private group. Neither party was identified.
The HFF investment sales team representing the seller was led by senior managing director José Cruz, managing director Kevin O'Hearn, directors Stephen Simonelli and Michael Oliver and associate director Robert Borny.
“The Monarch is a very visible, high-quality multi-housing asset in the Meadowlands, which is one of Northern New Jersey's most active markets,” says Cruz. “The quick lease-up of this property is evidence of the strength of the submarket.”
The Monarch is situated on 15.8 acres at 100-120 Schindler in East Rutherford, New Jersey. The six-story property is just off Route 3 near the New Jersey Turnpike/Interstate 95 exit within minutes of Route 17 and 21 and the Garden State Parkway, providing access around the State of New Jersey and into Manhattan.
Completed in 2014, the 97-percent-leased property encompasses 316 units averaging 922 square feet each with best-in-class features, including large kitchens with stainless steel appliances and quartz breakfast bars, hardwood flooring, nine-foot ceilings, oversized windows, abundant closet space and in-unit washers and dryers.
Community amenities include an outdoor swimming pool with sundeck, two outdoor courtyards with firepits and grilling stations, fitness center with yoga studio, lounge with bar and gaming area, children's play room, business center, on-site sundries store, covered parking and two-story lobby with 24/7 concierge. Additionally, the property offers residents shuttle service to Secaucus Junction, which provides train service into Manhattan and the surrounding area.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
EAST RUTHERFORD, NJ—The Monarch, a 316-unit, class A, luxury apartment community located across from
Holliday Fenoglio Fowler marketed the property exclusively on behalf of the seller, a partnership between a New Jersey-based developer and an institutional owner. The purchaser of the property was a private group. Neither party was identified.
The HFF investment sales team representing the seller was led by senior managing director José Cruz, managing director Kevin O'Hearn, directors Stephen Simonelli and Michael Oliver and associate director Robert Borny.
“The Monarch is a very visible, high-quality multi-housing asset in the Meadowlands, which is one of Northern New Jersey's most active markets,” says Cruz. “The quick lease-up of this property is evidence of the strength of the submarket.”
The Monarch is situated on 15.8 acres at 100-120 Schindler in East Rutherford, New Jersey. The six-story property is just off Route 3 near the New Jersey Turnpike/Interstate 95 exit within minutes of Route 17 and 21 and the Garden State Parkway, providing access around the State of New Jersey and into Manhattan.
Completed in 2014, the 97-percent-leased property encompasses 316 units averaging 922 square feet each with best-in-class features, including large kitchens with stainless steel appliances and quartz breakfast bars, hardwood flooring, nine-foot ceilings, oversized windows, abundant closet space and in-unit washers and dryers.
Community amenities include an outdoor swimming pool with sundeck, two outdoor courtyards with firepits and grilling stations, fitness center with yoga studio, lounge with bar and gaming area, children's play room, business center, on-site sundries store, covered parking and two-story lobby with 24/7 concierge. Additionally, the property offers residents shuttle service to Secaucus Junction, which provides train service into Manhattan and the surrounding area.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
