JLL Capital Markets just closed a huge real estate deal in Jersey City. The sale of The Morgan at Provost Square marks the biggest multifamily transaction in New Jersey so far this year.
This says a lot about Jersey City’s luxury rental market. Prime location and high-end amenities seem to keep drawing in serious investors.
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The Morgan rises 38 stories in the Powerhouse Arts District. Residents here get a high-end lifestyle, plus easy access to cultural attractions, transit, and those famous Manhattan views.
The Morgan at Provost Square: A Premier Luxury Address
The Morgan at Provost Square really stands out for its design and location. It’s become a symbol of luxury living in one of the city’s liveliest neighborhoods.
Toll Brothers Apartment Living developed the property, teaming up with a joint venture partner. Rockpoint, a well-known real estate private equity firm, bought it.
JLL managed both sides of the deal—they represented the seller and also advised Rockpoint on financing. That’s quite a balancing act.
You’ll find The Morgan at 160 Morgan Street. It features 417 market-rate apartments and 12,700 square feet of retail space.
Occupancy sits above 97%, which says a lot about demand. Apartments average 876 square feet, and the top floors hold some pretty expansive penthouses.
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Amenities That Set The Morgan Apart
The Morgan isn’t just about living space—it’s about the whole experience. Residents get a mix of premium amenities for relaxation, recreation, and even work.
Here’s a taste of what’s on offer:
- Rooftop pool with sweeping views of the Manhattan skyline
- State-of-the-art fitness center
- Exclusive sky lounge
- Dedicated co-working spaces
- A pet spa for four-legged residents
- A seven-story parking garage with 372 covered spaces
Why the Powerhouse Arts District Is a Magnet for Investors
The Morgan’s spot in the Powerhouse Arts District brings together urban energy and a creative vibe. This district has turned into a real cultural hub.
Art galleries, entertainment venues, and upscale dining fill the neighborhood. It’s got a lively atmosphere that appeals to residents and investors alike.
Transit-Oriented and Growth-Focused
The Morgan’s location makes commuting a breeze. Residents have quick access to PATH stations, light rail, ferries, and bus routes.
If you’re heading to Jersey City from Manhattan or elsewhere in New Jersey, the commute is pretty simple. Strong rent growth in the area adds to the property’s investment appeal.
Impact on Jersey City’s Real Estate Landscape
This sale keeps Jersey City in the spotlight as one of the region’s top luxury multifamily markets. Ongoing development and infrastructure improvements keep demand for quality residences high.
Visitors benefit too. Properties like The Morgan help boost local attractions and hospitality options.
Within a short walk or ride, you’ll find great dining, entertainment, and a range of Jersey City hotels for every preference and budget.
Living, Visiting, and Investing in Jersey City
Thinking about moving here or just planning a quick getaway? Exploring where to stay in Jersey City feels more exciting than ever, with boutique hotels and luxury spots popping up everywhere.
It’s not just about the skyline views or the easy commute. There are more things to do in Jersey City lately—whether you’re wandering along the Hudson or ducking into historic neighborhoods that still have so much character.
The Morgan at Provost Square is shifting under Rockpoint’s management, and they’re planning some upgrades. If you ask me, that’s a solid sign people see Jersey City’s future as bright, not just for folks living here but for investors looking for a smart move.
Locals see the city changing, with new luxury mixing into the old-school vibe of our blocks. Visitors get to catch a Jersey City that’s buzzing, a little unpredictable, and honestly, way more interesting than it used to be.
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Here is the source article for this story: JLL: Jersey City tower marks NJ’s largest multifamily sale this year
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