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A joint venture between Advance Realty and a global investment group purchased the The Metropolitan, a 128-unit, Class-A apartment community, at the intersection of Clinton and Grand streets in Hoboken, for $77M. The building is 97% leased and free and clear of existing debt.
The Metropolitan comprises two four-story buildings above parking and 2k SF of retail. The property includes one-, two- and three-bedroom units averaging 939 SF, a fitness center, a resident lounge, an activity room, a concierge system and a landscaped courtyard. The ground-floor retail is occupied by a dry cleaner and a nail salon. The transit-oriented community offers residents easy access to Manhattan via bus, train, shuttle or car and is next to a brand-new Trader Joe’s.
HFF senior managing director Jose Cruz, managing director Kevin O’Hearn and directors Michael Oliver and Stephen Simonelli marketed the building on behalf of the seller, AEW Capital Management.
Last week, the HFF team, along with associate director Marc Duval, closed the sale of an 18k SF, two-story vacant retail building at 37 Easton Ave. in downtown New Brunswick to Saxum Real Estate. Cruz and Duval, along with senior managing director Doug Rodio and managing director Brett Segal, are also marketing a 26-building, 1.2M SF office and flex portfolio in Moorestown and Burlington townships on behalf of Mack-Cali.
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