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Jones Lang LaSalle arranges the transaction Castle Lanterra Properties inks $147.5m acquisition of apartment community B AYONNE, NJ — Cas- tle Lanterra Proper- ties (CLP) has com-

ISSUE HIGHLIGHTS Volume 27 Issue 21 Nov. 13 - 26, 2015 FINANCIAL DIGEST Featuring... Lender’s Directory

pleted the acquisition of Alex- an CityView, a 544-unit apart- ment community situated on 7.4 acres along the waterfront in Bayonne. The sale price was $147.5 million. The seller was a joint venture between an investment fund and a large property manager. Jones Lang LaSalle arranged the transaction. “This is a core-plus oppor- tunity, a class A property that was constructed in 2010, currently with 91 percent oc- cupancy,” said Elie Rieder , owner of CLP. “It is a good op- portunity on a price-per-unit, cap rate and yield basis.” The property features an array of amenities, including a 9,000 s/f clubhouse, fitness studio, indoor basketball half- court, children’s playroom, a resort-style saltwater pool, and a seven-story parking garage. The property also is LEED Silver certified. LIVINGSTON, NJ — Cen- tral and Northern New Jersey are figuring prominently on the state’s multi-family invest- ment landscape, leading with some of the region’s most note- worthy transactions arranged by Gebroe-Hammer Associ- ates . During the third quarter alone, the Livingston-based

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NAI James E. Hanson celebrates 60th Anniversary

Harbor Pointe

location along the Gold Coast that still has vacant land that is also master-planned, with- out the need to re-purpose any other land for construction,” said Loney. “The surround- ing area features a number of opportunities for growth, and we are in discussions with landowners of neighboring parcels to either joint venture with them on putting together combined amenities when they start to build, or to purchase their land to expand what we are able to offer our residents.” “Bayonne is on the upswing in terms of new development

and attracting new residents and businesses, and we see this particular investment as an extremely positive indicator,” said Bayonne City Administra- tor Joseph DeMarco. “Investors and developers are willing to put their trust in the City of Bayonne, and Castle Lanterra is going to be an important part of that transformation.” Harbor Pointe is a half-mile from the PATH light rail, pro- viding easy access to Manhat- tan. It is also 15 minutes from downtown Jersey City and five minutes from numerous retail centers. n

“Although the property al- ready offers an amenity pack- age that is superior to what is available at other nearby properties, we plan additional upgrades to the amenities, including updates to the club- house and an expansion of the gym,” said Benjamin Loney , head of acquisitions. The renamed Harbor Pointe is the initial development on the Peninsula at Bayonne Harbor, a 420-acre man-made peninsula, and offers water views and a panorama of Lower Manhattan. “The peninsula is the only investment brokerage firm recorded sales totaling more than $333 million involving 1,270 units spanning Morris, Somerset and Union counties. Each of the six separate transactions involved subur- ban apartment-home assets, ranging from newly renovated, upscale core communities to properties primed for capital improvements in order to ren- der them more competitive. Among those properties poised for repositioning was Hamilton House and Jefferson House. “This portfolio was highly unique in that almost 92% of the total units were distinct two-bedroom layouts,” said Stephen Tragash , senior vice president, who arranged the sale as part of a brokerage team that included managing director Joseph Brecher . “The opportunity to implement capital improvements, includ- ing condominium-style finishes in the kitchens and baths, to achieve significant rent ap-

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Pennsylvania’s Premier Available Properties

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Gebroe-Hammer records $333m+ in Central/ Northern New Jersey’s most prominent Q3 sales

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preciation is what rendered the already well-maintained Hamilton and Jefferson House an extremely desirable acquisi- tion.” Nearby, the Tragash and Brecher team also arranged the sale of a class-A garden- apartment community, where they represented the seller and identified the buyer. Additional Q3 trades in these submarkets included the sale of a 140-unit garden-

apartment community for $30 million in Morristown/Mor- ris County and the 404-unit trade of Greenbrook Gardens in North Plainfield/Somerset County, the latter of which was arranged by Pine and sales as- sociate Eli Herskowitz . Tragash and Pine also repre- sented the owner and procured the buyer of the three-story all- brick façade building located at 37 E. Main St., in Rockaway/ Morris County. n

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