Situated along New Jersey’s Gold Coast — and with access to Midtown Manhattan in less than 20 minutes — Fort Lee apartment building Hudson Lights changed hands for $116.6 million.
CBRE announced the sale of the Class A community Oct. 18. Comprising 276 units, the property was completed by Kushner Real Estate and Tucker Development Corp. in 2016.
A team led by Jeff Dunne, Stuart MacKenzie, Eric Apfel, Zach McHale, Fahri Ozturk, Richard Gatto and Travis Langer, represented the seller and also procured the buyer — a joint venture between Skylight Real Estate Partners and PCCP LLC.
According to Dunne, the JV plans to elevate the property with expanded amenities and small upgrades to units. Already available to residents: an outdoor pool with cabanas, a fitness center with yoga room, resident lounge with billiards and catering kitchen and a children’s playroom.
“The property’s exceptional performance this year is indicative of Fort Lee’s resurgence coming out of the pandemic,” said CBRE’s Stuart MacKenzie. “We expect this trend to continue given Fort Lee’s proximity to New York City while also providing convenient accessibility to the greater region.”
Beyond that, Hudson Lights also offers access within Fort Lee. According to CBRE, the property features a 91 walk score due to its location in the city’s downtown, with dining, shopping and entertainment options. Following the worst of the pandemic, walkability and family friendly neighborhoods continue to draw residents from across the Hudson River. According to Marcus & Millichap’s third quarter reporting, Class A vacancy in the sector and region dropped to its lowest point in nearly a decade, hitting 5.8% in July.
At the time of sale, Hudson Lights boasted a mid-90s% occupancy rate.=