 |
| Julianna Apartments Hoboken, NJ |
HFF marketed the property on
behalf of the seller, The Milestone Group & Invesco. AEW Capital Management, LP purchased the
asset for $67 million on behalf of the AEW Core Property Trust, the firm’s core
open-end fund.
Completed in 2007, The Juliana
is comprised of two four-story, “brownstone-inspired” buildings surrounding a
25,000-square-foot courtyard.
 |
| Jose Cruz |
The
property, which is 95 percent leased, offers one-, two- and three-bedroom units
averaging 1,068 square feet.
Community
amenities include four covered parking garages, cardio and weight rooms, a
cyber café, gaming lounge, dog park, fire pit, putting green, sundeck,
playground and concierge service.
 |
| Andrew Scandalios |
Located at 600 Jackson Street and 601 Harrison Street, The Juliana is within walking distance to the
9th Street Light Rail station and local bus lines that provide commuters access
to the Hoboken PATH station, the NJ Transit train station and the New York
Waterway terminals.
The HFF
investment sales team representing the seller was led by senior managing
directors Jose Cruz and Andrew Scandalios, managing directors Kevin
O’Hearn and Jeffrey Julien, and associate director Michael
Oliver.
According
to Cruz, “Invesco/Milestone were able to capitalize on the strong demand for
Hoboken multi-housing deals and redeploy capital into other projects.”
 |
| Kevin O'Hearn |
“We are
excited about the acquisition of this condo-quality project in Hoboken, one of
the most desirable apartment markets in the country,” said Dan Bradley, senior
portfolio manager for the AEW Core Property Trust.
Milestone
is one of the largest national multifamily real estate investment advisors and
property managers. Currently Milestone
has over $2.5 billion of multifamily assets under management.
 |
| Jeffrey Julien |
The
Milestone Group is an outgrowth of several partnerships formed in the late
1970’s to develop retail shopping centers in and around the Houston
metropolitan area. In 1980, Milestone
Properties, Inc. was formed to act as the management company for the other
Milestone entities.
Founded in
1981, AEW Capital Management, L.P. (AEW) provides real estate investment
management services to investors worldwide.
 |
| Michael Oliver |
One of the world’s leading real estate
investment advisors, AEW and its affiliates manage $33.5 billion of capital
invested in approximately $46.6 billion of property and securities in North
America, Europe and Asia (as of
September 30, 2012).
Grounded in research and experienced in the
complexities of the real estate and capital markets, AEW actively manages
portfolios in both the public and private property markets and across the
risk/return spectrum.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
No comments:
Post a Comment