$31.9M sale of newly constructed multi-housing community in New Jersey closes
JLL Capital Markets closed the sale of the 72-unit Solaris Lofts located in Jersey City’s Bergen-Lafayette neighborhood
MORRISTOWN, July 13, 2022 – JLL Capital Markets announced today that it has closed the $31.9 million sale of Solaris Lofts, a 72-unit, newly constructed, boutique multi-housing community located within the Bergen-Lafayette neighborhood in Jersey City, New Jersey.
JLL marketed the property on behalf of the seller, PERE. Beachwold Residential LLC acquired the asset.
Built in 2019, the five-story Solaris Lofts features studio, one-, two- and three-bedroom units with nine-foot ceilings, casement loft windows, white oak flooring, in-unit washers and dryers, exposed concrete walls and ceilings, solid birch kitchen cabinets and stainless-steel appliances. Community amenities include electric car charging stations, a fleet of deluxe commuter bicycles, purified water bottle filling station, a state-of-the-art fitness center, a yoga room with daily classes, on-site dog park and dog run, a resident lounge and co-working areas, on-site gourmet grocery and deli, roof deck with views of Manhattan skyline and on-site parking.
Situated at 65 Maple St., the property’s location allows convenient access to the Hudson Waterfront, Manhattan and the greater New York MSA. Mass transit can be accessed via the Hudson-Bergen Light Rail at Liberty State Park station, which is one block from the property. Additionally, Interstate 78 is less than one-half mile away and provides vehicular connectivity to Interstate 95 (NJ Turnpike), the Hudson Waterfront and the Lincoln and Holland Tunnel within five minutes. In addition to Solaris Lofts’ impressive regional accessibility, the property offers walkability to local amenities such as Liberty State Park, the Liberty Science Center and multiple restaurants and bars within a five-block radius.
The JLL Capital Markets Investment Advisory team representing the seller was led by Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Josh Stein.
“Jersey City and the Hudson Waterfront have seen an incredible bounce back since the heart of Covid, with increased occupancies, limited concessions and strong rent growth. Solaris Lofts is a beautiful boutique building in a burgeoning neighborhood of Jersey City. The Beachwold team will be able to leverage off their existing portfolio in the area and see continued success with this new investment,” stated Oliver.
JLL’s Capital Markets group 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 sales and 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Beachwold Residential
Beachwold Residential is a family-owned real estate company, focused on the development, acquisition and management of multifamily properties. The firm controls over 16,000 multifamily units in Connecticut, Texas, Florida, Georgia, Virginia, New Jersey and Tennessee.