The Real Deal New York

Hoboken’s Juliana rental sells for $67M

February 12, 2013 02:30PM

From left: Andrew Scandalios, Jose Cruz and the Juliana

The 128-unit Hoboken, N.J. multifamily property known as the Juliana has traded hands for $67 million, according to a release issued by HFF, which represented the seller. Boston-based investment firm AEW Capital Management purchased the development from the Milestone Group and Dallas-based Invesco, on behalf of one of the firm’s funds, known as AEW Core Property Trust.

The Juliana, which is located at 600 Jackson Street and 601 Harrison Street, is 95 percent leased. The complex comprises two four-story buildings that have one-, two- and three-bedroom units averaging 1,068 square feet. Unit rents were not immediately available.

The HFF team of senior managing directors Jose Cruz and Andrew Scandalios, along with managing directors Kevin O’Hearn and Jeffrey Julien, and associate director Michael Oliver represented the seller. Representation for AEW was not immediately available.

“Invesco/Milestone were able to capitalize on the strong demand for Hoboken multi-housing deals and redeploy capital into other projects,” Cruz said in a statement.

Invesco is planning to transact deals adding up to $1.5 billion this year, as The Real Deal reported. –Zachary Kussin

CORRECTION: In an earlier version, The Real Deal mixed up the names of the buyer and seller. The Milestone Group and Invesco were the sellers, not the buyers.

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