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Luxury Jersey City apartment complex appeals to investors

The construction and building industry in New Jersey is continuing to grow, as one real estate company announced the successful sale of its latest Jersey City luxury complex. Soho Lofts has 377 units in the city directly across from Manhattan; it features ready public transit access to New York and is designed to appeal to professionals with Manhattan jobs. Mac-Cali Realty Corporation, a major player in the New Jersey real estate market, bought the property on behalf of Roseland Residential Trust.

Roseland focuses on multi-unit housing projects like Soho Lofts, located on the border between Hoboken and Jersey City. In addition to convenient access to the PATH train, the apartment complex is located near the Holland Tunnel and Interstate 78. It also offers easy access to the NJ Transit bus terminal. The complex includes 369 units ranging in size from studios to three-bedroom options as well as eight townhouses. The entire project consists of 13-story and 20-story towers as well as low-rise, four- to seven-story buildings, including ground-floor retail opportunities.

The apartments are aimed at high-end customers, featuring gourmet kitchens, luxury bathrooms, large windows and Manhattan skyline views, high ceilings and in-unit appliances. The complex also features a range of amenities, including an infinity pool, outdoor TV, movie room, fitness center and a private party room. It also includes dog grooming rooms and a children's playroom. Real estate brokers touted the value of this and similar properties to commercial real estate investors, noting that multi-family projects on the waterfront are likely to continue to grow significantly in value in the years to come.

Major construction projects and real estate ventures often involve complicated contracts and a range of vendors. New Jersey and New York construction contract lawyers can advise and represent companies involved in a project to protect their interests and resolve disputes.

Source: MultiFamily Biz, HFF Closes $263.8 Million Sale of 377-Unit Luxury Soho Lofts in Jersey City, New Jersey, 04/10/2019

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