KABR Group purchases 19 East luxury apartments in Bayonne, NJ, for $49.6M
JLL Capital Markets arranged the sale and $35M acquisition loan for the 138-unit mid-rise community
MORRISTOWN, Mar. 17, 2022 – JLL Capital Markets, on behalf of KABR Group, announced the $49.6 million sale of 19 East, a 138-unit, mid-rise, luxury apartment community in Bayonne, New Jersey.
JLL represented the joint venture seller, Ingerman Group and Verde Capital. JLL also advised KABR on the acquisition financing and placed the $35 million fixed-rate loan with Kearny Bank.
“This asset represents a tremendous value proposition for renters looking for a new building with best-in-class amenities while also located in a rapidly evolving millennial neighborhood, competitive with the best Hudson County and NYC has to offer,” said Ken Pasternak, CEO and Chairman of KABR Group.
Constructed in 2018, the six-story property offers studios, one- and two-bedroom units featuring gourmet kitchens, hardwood flooring, designer finishes and lighting fixtures, stainless steel appliances, washers and dryers, walk-in closets, island and breakfast bars and quartz countertops. Community amenities include a fitness center, garage parking, a game room, two furnished outdoor terraces and business centers on every floor.
Situated at 19 E. 19th St., the property is located in the center of Bayonne’s commercial district along the Hudson Waterfront. The community is proximate to I-78, which runs eastbound to Jersey City and Manhattan. Positioned just one block from the Hudson-Bergen Light Rail station at 22nd street, the property also offers residents connectivity to Jersey City, Hoboken, and Lower Manhattan via PATH service. Newark Airport is a short drive from the property. Additionally, 19 East offers residents walkability to numerous retail and dining options in the area.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Jose Cruz, Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O'Hearn and Austin Pierce. Additionally, Steven Klein, Matthew Pizzolato, Gerard Quinn and Jimmy Cochran led the JLL Capital Markets Debt Advisory team representing the buyer.
“Representing one of the first institutional quality assets to trade in Bayonne, we were very pleased with the interest level from regional and national bidders,” said Cruz.
“This deal received a tremendous amount of interest from the lending community given the institutional quality sponsorship,” added Klein. “Kearny Bank ultimately stepped up to provide an extremely attractive, fixed-rate option.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ingerman Group
For more than three decades, Ingerman has been developing, building, and managing award-winning multi-family communities throughout the Mid-Atlantic region. Founded in 1988, the Company has developed 95 communities consisting of more than 8,000 residential units with total development costs in excess of $1.4 billion. The Company’s seasoned team of real estate and construction professionals utilizes state-of-the-art architectural design, cutting-edge, environmentally conscious construction, and an array of modern amenities in the development of each community. Through a commitment to responsible development practices, Ingerman works to enhance the sustainability of its communities with several green initiatives. Visit ingerman.com
About KABR Group
The KABR Group (“KABR”) is a vertically integrated, private equity real estate firm responsible for the investment, management, and development of commercial, residential, industrial, and hospitality real estate. Since being founded in 2008, KABR has acquired over six million square feet of development rights, four million square feet of office, thousands of multifamily units, hospitality, and industrial and distribution properties.
KABR leverages its competitive advantages and reputation to capitalize on real estate inefficiencies, over-leveraged assets, demographic changes, and economic growth. KABR targets value-added, opportunistic, distressed debt, special situations, and development real estate investments in the New York metropolitan area, southeastern region of the U.S, and other select high-growth markets.