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| The Monarch Apartments, Meadowlands Neighorhood, East Rutherford, NJ |
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| Jose Cruz |
FLORHAM PARK, NJ, Aug. 15, 2016 – Holliday
Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $91.5
million sale of The Monarch, a
316-unit, Class A, luxury apartment community located across from MetLife
Stadium in the heart of the Meadowlands.
HFF marketed the property
exclusively on behalf of the seller, a partnership between a New Jersey-based
developer and an institutional owner.
The purchaser of the property was a private group.
The Monarch is situated on
15.8 acres at 100-120 Schindler in East Rutherford, New Jersey. The six-story property is just off Route 3
near the New Jersey Turnpike/Interstate 95 exit within minutes of Route 17 and
21 and the Garden State Parkway, providing access around the State of New
Jersey and into Manhattan.
Completed in 2014, the
97-percent-leased property encompasses 316 units averaging 922 square feet each
with best-in-class features, including large kitchens with stainless steel
appliances and quartz breakfast bars, hardwood flooring, nine-foot ceilings,
oversized windows, abundant closet space and in-unit washers and dryers.
Community amenities
include an outdoor swimming pool with sundeck, two outdoor courtyards with
firepits and grilling stations, fitness center with yoga studio, lounge with
bar and gaming area, children’s play room, business center, on-site sundries
store, covered parking and two-story lobby with 24/7 concierge.
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| Kevin O'Hearn |
Additionally, the property offers residents
shuttle service to Secaucus Junction, which provides train service into
Manhattan and the surrounding area.
The HFF investment sales
team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver
and associate director Robert Borny.
“The Monarch is a very
visible, high-quality multi-housing asset in the Meadowlands, which is one of
Northern New Jersey’s most active markets,” according to Cruz. “The quick lease-up of this property is
evidence of the strength of the submarket.”
For a
complete copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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