NJ Waterfront Apartments Sell for $147.5M
- Oct 28, 2015
Castle Lanterra Properties has acquired Alexan CityView, a 544-unit apartment community in Bayonne, N.J., for $147.5 million from a joint-venture between an investment fund and a large property manager.
Jones Lang LaSalle arranged the transaction.
“Our plans include renaming the property Harbor Pointe,” Elie Rieder, Castle Lanterra Properties’ CEO & founder, said in a prepared release. “We also will upgrade the amenities, and will be focusing on management practices, specifically customer service and online marketing.”
Constructed in 2010, the property sits on 7.4 acres along the waterfront and is the initial development on the Peninsula at Bayonne Harbor, a 420-acre man-made peninsula, which offers water views and a panorama of Lower Manhattan. The peninsula is the only location along the Gold Coast that still has vacant land that is master-planned without the need to repurpose any other land for construction.
“This is a core-plus opportunity, a Class A property, currently with 91 percent occupancy,” Rieder said. “It is a good opportunity on a price-per-unit, cap rate and yield basis.”
Amenities at the property include a 9,000-square-foot clubhouse, fitness studio, indoor basketball half-court, children’s playroom, a resort-style saltwater pool, and a seven-story parking garage. The property also is LEED Silver certified.
Harbor Pointe is a half-mile from the PATH light rail, providing easy access to Manhattan. It is also 15 minutes from downtown Jersey City and five minutes from numerous retail centers.
“Bayonne is on the upswing in terms of new development and attracting new residents and businesses, and we see this particular investment as an extremely positive indicator,” Joseph DeMarco, Bayonne City Administrator, said in the statement. “Investors and developers are willing to put their trust in the City of Bayonne, and Castle Lanterra is going to be an important part of that transformation.”
Since 2013, Castle Lanterra Properties has acquired $500 million of assets including over 3,000 residential units.