Newly developed luxury apartment community trades for $53M
JLL completes the sale of Jersey City property located within a qualified opportunity zone
MORRISTOWN, N.J., March 18, 2020 – JLL Capital Markets announced today that it has completed the $53 million sale of BELA, a newly developed, 104-unit, luxury apartment community located within a qualified opportunity zone in Jersey City’s rapidly expanding Bergen-Lafayette neighborhood.
JLL marketed the property on behalf of the seller, a partnership between Alpine Development, Fields Development Group and Grade Development Company. Golden Glades Capital Management purchased the asset free and clear of existing financing.
BELA is situated one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than one mile from Interstate 78, which provides accessibility to the Hudson Waterfront, lower Manhattan and the greater New York MSA. Completed in 2019, the eight-story property features best-in-class construction and unit design, offering a diverse mix of spacious one- and two-bedroom apartments averaging 982 square feet. Units feature Caesarstone countertops, oversized wood cabinets, stainless steel appliances, island kitchens, full-size washers and dryers and large closets. Community amenities include rooftop views of the Manhattan and Jersey City skylines, a fitness center, yoga studio, grilling stations, outdoor lounge, club room and furnished suites for guests. BELA also offers onsite parking and bike storage via its first-floor garage and approximately 2,600 square feet of ground-level retail.
The JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli and J.B. Bruno.
“The Bergen-Lafayette section of Jersey City was well received by the investment community and this property in particular had a strong following with the private buyers,” Cruz said.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Alpine Development
William Rosato is the founder and managing partner of Alpine Development. He has over 25 years of experience as an architect developer in planning, designing and building residential and mixed-use developments. In 2010, he founded Alpine Development, where he developed four communities totaling 214 residential units in the northwest section of Hoboken, New Jersey, known as The Artisan Series. In the Bergen-Lafayette section of Jersey City, New Jersey, he is developing 575 residential units. The full development will take place over several phases, and completion is anticipated in 2025.
About Fields Development Group
Founded and led by brothers James and Robert Caulfield, Fields Development Group’s expertise encompasses the entire spectrum of development and construction. Since Fields Development’s inception in 1999, the company had grown to include an in-house construction division, Fields Construction Company, providing construction services to customers throughout the Tri-State area. The two companies foster a cohesive and comprehensive approach for clients, with the ability to combine construction expertise with a developer mindset. Through this approach, key elements such as timing, budget and value engineering are not simply contractor recommendations, but are rooted in developer insights and market experience to provide the best product and best return for the unique requirements of each client.
Grade Development Company
Grade Development Company is a real estate development company headed by Greg Russo, who gained extensive experience in the development of multifamily housing projects as a Principal at Ironstate Development. While at Ironstate, Greg focused on the development and financing of more than7,000 units and $5 billion worth of projects in New York, New Jersey, and Connecticut.
About Golden Glades Capital Management
Golden Glades Capital Management was established in 2019 to create attractive investment opportunities for its founders’ personal capital gains. The firm accepts limited partnership commitments from select investors who share the objective of achieving attractive risk-adjusted returns while making a positive impact on distressed communities across the U.S. Golden Glades’ core focus is to leverage the extensive experience and network of its team of principals and advisors to make direct investments in real property and operating businesses located within Opportunity Zones.