JLL Capital Markets on Wednesday announced it has completed the sales transaction for The Morgan at Provost Square, a 417-unit, 38-story luxury apartment tower in Jersey City, in what stands as the largest multi-housing sales transaction in New Jersey year-to-date.
JLL represented the seller, a joint venture that included Toll Brothers Apartment Living, in the sale of the high-rise, located at 160 Morgan St. in the highly sought-after Waterfront submarket. The property was purchased by Rockpoint, a real estate private equity firm, and JLL also advised the buyer on the acquisition financing.
The 38-story building, constructed in 2016, spans 365,361 rentable square feet of residential space and is currently over 97% occupied. The tower features 100% market-rate residences, ranging from studios to three-bedroom penthouse units, and includes approximately 12,700 square feet of retail space.
Its strategic location in the heart of the Powerhouse Arts District offers residents unparalleled commuting access, being just steps from the Grove Street PATH Station. This proximity allows for direct access to Manhattan’s Financial District in 15 minutes and Midtown in 23 minutes.
“The Morgan at Provost Square presented investors with a unique opportunity to acquire a high-rise apartment tower at a discount to replacement cost with an irreplaceable location,” JLL Senior Managing Director Jose Cruz said. He noted that the property’s location combined with Jersey City’s strong rental growth created “compelling investment fundamentals.”
The luxury tower features a comprehensive suite of resort-style amenities, including a rooftop pool with Manhattan skyline views, a fitness center, a sky lounge, a serenity courtyard with a fire pit, and multiple co-working spaces. Residential units feature high-end finishes like stainless steel Whirlpool appliances, quartz countertops, wood-style flooring, and in-unit washers and dryers.
The JLL Capital Markets team leading the sale was led by Senior Managing Directors Jose Cruz, Michael Oliver, and Steve Simonelli, along with Senior Director Ryan Robertson and Directors Elizabeth DeVesty and Austin Pierce.
