Hines Interests Acquires Two Jersey City Multifamily Buildings for $222M

Hines Interests, a Houston-based developer, has acquired two neighboring apartment buildings in Jersey City, New Jersey, for $221.5 million. The properties, known as the Lenox and Quinn, were purchased from investors advised by JPMorgan Asset Management, with CBRE Institutional Partners facilitating the transaction.

Prime Location in Paulus Hook

Located in the Paulus Hook neighborhood at the southern end of Jersey City's Hudson waterfront, the Lenox and Quinn buildings offer convenient access to Manhattan via the nearby Grove Street and Exchange Place PATH stations. This vibrant area is also home to numerous restaurants, coffee shops, retailers, and the Newport Mall.

Features and Amenities of the Lenox

The Lenox building, developed in 2017, features 255 units spread across 15 floors. Each unit offers up to three bedrooms and 1,530 square feet of living space. Residents enjoy a range of amenities, including a 24-hour doorman, 7,200 square feet of ground-floor retail space, a fitness center, a rooftop area with a pool and grilling stations, full-time concierge services, and a 257-space automated parking garage.

The Quinn's Offerings

Completed in 2018, the Quinn building houses 153 units on 16 floors, with similar amenities to the Lenox. Each unit provides up to three bedrooms, and the building includes a rooftop lounge with a wading pool, a solarium, a children's playroom, a library, a fitness center, and laundry facilities. Recent lease rates for the Quinn range from $3,358 per month for a 532-square-foot studio to $7,731 for a three-bedroom, two-bathroom unit measuring 1,807 square feet.

Shared Community Spaces

Residents of both buildings benefit from shared amenities, including a courtyard area and a dog park, enhancing the community living experience in this desirable Jersey City location.