JLL Capital Markets Group closes $31.9 million sale of new 72-unit boutique apartment community in New Jersey

MORRISTOWN, NJ – JLL Capital Markets today announced the closing of the $31.9 million sale of Solaris Lofts, a newly constructed 72-unit multi-unit community located in the Bergen-Lafayette neighborhood of Jersey. City, New Jersey.

JLL marketed the property on behalf of the seller, PERE. Beachwold Residential LLC acquired the asset.

Built in 2019, the five-story Solaris Lofts features studio, one-, two-, and three-bedroom units with nine-foot ceilings, casement windows, white oak flooring, built-in washers and dryers, walls and exposed concrete ceilings, solid birch kitchen cabinets and stainless steel appliances. Community amenities include electric car charging stations, a fleet of luxury commuter bikes, a purified water bottle refill station, a state-of-the-art fitness center, a yoga room with daily classes, a on-site dog park and dog park, a resident lounge and co-working spaces, on-site gourmet grocery and deli, rooftop terrace with views of the Manhattan skyline, and on-site parking.

Located at 65 Maple St., the property’s location allows convenient access to the Hudson Waterfront, Manhattan, and the greater New York MSA. Public transit is accessible via the Hudson-Bergen Light Rail Transit at the Liberty State Park station, which is one block from the property. Additionally, Interstate 78 is less than half a mile away and provides vehicular connectivity to Interstate 95 (NJ Turnpike), the Hudson Waterfront, and the Lincoln and Holland Tunnel within five minutes. In addition to Solaris Lofts’ impressive regional accessibility, the property offers walkable accessibility to local amenities such as Liberty State Park, the Liberty Science Center, and several restaurants and bars within a five-block radius.

The JLL Capital Markets investment advisory team representing the seller was led by Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Josh Stein.

“Jersey City and the Hudson Waterfront have seen an incredible rebound from the heart of Covid, with increased occupancy, limited concessions and strong rental growth. Solaris Lofts is a beautiful boutique building located in an up-and-coming area of ​​Jersey City. The Beachwold team will be able to leverage their existing portfolio in the region and see continued success with this new investment,” said Oliver.