April 12, 2019 Comments Off on AEW Sells Soho Lofts in Jersey City to Mack-Cali for $264M Views: 1129 National News, New Jersey, Northeast

AEW Sells Soho Lofts in Jersey City to Mack-Cali for $264M

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Mack-Cali Realty Corp., acting on behalf of Roseland Residential Trust, acquired Soho Lofts, a 377-unit, luxury apartment property in Jersey City, NJ from AEW for $263.8 million. The property is located at 273 16th St., on the border of Jersey City and Hoboken, in the expanding “South of Hoboken” neighborhood near multiple transit connections including Interstate 78 and the Holland Tunnel.

Completed in 2018, the community consists of 369 studio through three-bedroom units, as well as eight townhouses situated within 13- and 20-story towers connected by four- and seven-story structures. Soho Lofts also includes 17,300 square feet of ground-floor retail space and a 375-space parking garage.

HFF’s Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky represented the seller and procured the buyer.

Cruz says, “Investors responded very favorably to this offering, given the lack of multi-housing opportunities on the waterfront and the building’s high-quality construction.”

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