ING buys Hoboken tower for $116m

Real Estate Weekly,  March 5, 2008  

Tags: ING Group

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ING Clarion Partners LLC has acquired 1000 Jefferson, a 217-unit luxury rental property in Hoboken, New Jersey, for $116.2 million.

The building was purchased from the developer, Tarragon Corporation, with Cushman & Wakefield representing the seller.

1000 Jefferson is the newest rental building to enter the Hoboken market.

The property offers one-, two-, and three-bedroom apartments and features "best in class" amenities, including one of the few private pools in the city and Hoboken's only outdoor fireplace.

Units have private town home entrances, patios or balconies, and granite kitchen count, with on-site parking also available. The property also includes four 644 s/f retail spaces.

Located along the Hudson River across from New York City, Hoboken is part of Northern New Jersey's emerging Gold Coast, an area that has seen great demand for housing over the past decade.

It provides breathtaking views of New York from its waterfront promenade, as well as convenient access to public transportation serving both midtown and lower Manhattan as well as New Jersey.

1000 Jefferson is part of the eight-block area known as the Upper Grand, and is a short walk from Hoboken's renowned restaurants and historic waterfront.

"Hoboken continues to be highly attractive to urban professionals who want to work and live in the New York metropolitan area," said Brian Walkins, director at ING Clarion.

"1000 Jefferson is a terrific property, conveniently located, and with a number of uniquely attractive features. We are pleased to have the opportunity to acquire this building and expect to see brisk demand for the rental units as they go onto the market."

ING Clarion continues to view the multi-family rental housing favorably. U.S. apartment market fundamentals remain sound, supported by favorable demographic trends, a declining for-sale housing market, and a restrained construction pipeline.

Over the next four years, the population of primary renters (age 19-35) is expected to grow by 3.2 million as the "echo boomer" cohort enters the workforce, pointing to continued demand for rental apartments.

COPYRIGHT 2008 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning