FLORHAM PARK, N.J.–Holliday Fenoglio Fowler, L.P. announced today that it has represented The DSF Group in the sale of Halstead 800 Madison, a 217-unit, transit-oriented, Class A apartment community in Hoboken, New Jersey.
HFF marketed the property exclusively on behalf of the seller, The DSF Group. AvalonBay Communities, Inc. purchased the asset for $129.7 million. HFF previously assisted The DSF Group in the acquisition of the property in late 2013.
Halstead 800 Madison is located at the intersection of Madison and 8th Streets one block from the 9th Street Light Rail Station, which provides access to the Hoboken PATH station, as well as other waterfront towns such as Jersey City, Bayonne and Weehawken.
The PATH station, accessible via the property’s complimentary shuttle service, provides convenient access to the World Trade Center and Lower Manhattan. Completed in 2008, the five-story property occupies a full city block and has one-, two- and three-bedroom units averaging 998 square feet each. The community features an expansive courtyard with resort-style swimming pool and hot tub, sundeck, barbecue dining area, bocce court and fire pit. Other amenities include a state-of-the-art fitness center, yoga studio, children’s playroom, media room with full kitchen and lounge seating, pet spa, bike repair shop, 24/7 concierge and two rooftop decks providing views of New York City.
The HFF investment sales team representing The DSF Group was led by senior managing directors Jose Cruz and Andrew Scandalios, managing director Kevin O’Hearn and associate directors Michael Oliver and Stephen Simonelli.
“800 Madison is one of Hoboken’s nicest residential assets and its prime location provides easy access to all parts of the city. The property is very well leased and experiencing rent growth,” Cruz stated. “The buyer will benefit all around from both the strength of the Hoboken market and the demand for quality units at the property.”