Class A multi-housing community in North New Jersey trades
JLL Capital Markets closed the sale of The Union at Lyndhurst in Lyndhurst, NJ
MORRISTOWN – Oct. 11, 2021 – JLL Capital Markets announced today that it has closed the sale of The Union at Lyndhurst (“The Union”), a 328-unit, Class A, mid-rise multi-housing community in Lyndhurst, New Jersey.
JLL marketed the property on behalf of the seller, Mesirow Institutional Real Estate Direct Investments, which offers a series of risk-balanced, multi-family value-added investing opportunities to a growing base of large domestic and international institutional investors. Pacific Urban Investors acquired the asset.
The Union comprises studio, one- and two-bedroom units averaging 1,007 square feet. Units offer stainless steel appliances, central heat/AC, nine-foot ceilings, in-unit washer and dryers and patio/balcony. The community features four separate courtyards, a dog park, fitness center, heated outdoor pool and complimentary shuttle to bus and train station.
Situated at 1301 Wall Street West, The Union is located in the Meadowlands region just off of the intersection of Route 17 and Route 3, less than seven miles from the Lincoln Tunnel entrance for direct access into Midtown Manhattan. The property benefits from convenient access across Northern New Jersey due to its proximity to the New Jersey Turnpike (I-95), the Garden State Parkway, and Interstates 80 and 280. The area offers an abundance of outdoor activities, restaurants, shops, and entertainment, including Richard W. Dekorte Park, American Dream, Medieval Times and The Meadowlands Sports Complex.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Jose Cruz, Michael Oliver, JB Bruno, Kevin O’Hearn and Steve Simonelli.
“We had great interest on Union at Lyndhurst given its location and quality,” said Cruz. “Investors liked the access to NYC specifically as well as the lack of multifamily rentals in the immediate area. The demand from the institutional investor universe for high-quality multi-housing in the New York area is accelerating going into the year end.”
“The long-term fundamentals of the U.S. residential apartment sector remain attractive as a result of secular shifts in the economy,” said Alasdair Cripps, Chief Executive Officer of Mesirow Institutional Real Estate Direct Investments. “We are pleased with the performance of The Union property within our portfolio since its acquisition in August 2015. Mesirow Institutional Real Estate Direct Investments remains opportunistic as both an acquirer and seller of high-quality multi-housing rental units across the U.S.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Mesirow Financial
Mesirow Institutional Direct Real Estate Investments is part of Mesirow, an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago, with locations around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Global Investment Management, Capital Markets & Investment Banking, and Advisory Services, Mesirow invests in what matters: clients, communities, and culture. To learn more, visit mesirow.com.
Mesirow was recently named one of the Best Places to Work in Chicago by Crain's Chicago Business and one of the Top Workplaces by the Chicago Tribune.