Relentless Pursuit Despite Multiple Hurdles
The challenge was to find a buyer and a deal structure for a 217-unit luxury apartment community that would allow for overcoming politcal, financial, and physical issues involved with the property. The community is located in Hoboken, New Jersey, one of the most sought-after submarkets in the New York City Metropolitan Area.
Our Capital Markets team developed a tailored approach to solving the issues, which included educating the buyer on the property's historical background, providing market intelligence, and assembling the correct third-party team to build comfort in structuring a plan to deliver the property.
After an eight-month marketing-to-closing time frame, the sale transacted to an institutional advisor, becoming its first investment in the market for this asset type.