National Developer Plans Dramatic Adaptive Reuse of Former Industrial Building into Luxury Apartments
Bedminster, N.J. — April 22, 2014 — Mill Creek Residential, a leading multifamily developer, investor and operator specializing in premier apartment communities across the U.S., today announced that it has partnered with Rockwood Capital to purchase 350 Warren Street, an eight-story industrial building in Jersey City, N.J. Mill Creek plans to redevelop the property, also known as the Morgan Industrial Center, into a luxury multifamily community.
Mill Creek’s plan includes the transformation of the industrial site into a community of 366 loft-style luxury apartment homes not available anywhere else in the Jersey City market. The community will include numerous lifestyle amenities for residents including a rooftop deck, club-quality fitness studio, clubroom with bar, dog washing station, bicycle storage and repair station, conference rooms and 24-hour concierge.
“Mill Creek is actively and strategically identifying investment opportunities within the Northeast and we are excited to continue to expand our presence in New Jersey with another luxury apartment community,” said Peter Porraro, executive managing director, Mill Creek Residential. “Jersey City is teeming with new development and we anticipate playing a major role in the continuing transformation of this neighborhood.”
This is Mill Creek’s second luxury apartment development in New Jersey. In 2013, Mill Creek began construction of Latitude, a luxury rental apartment community situated on Early Street in downtown Morristown. Leasing is expected to begin in August.
About 350 Warren
Situated within the Powerhouse Arts District, 350 Warren is just two blocks from the nearest Light Rail Station and one block from the Grove Street PATH station, providing seven-minute access to Manhattan’s World Financial Center and 18-minute access to Midtown. Residents will benefit from the surrounding neighborhood, which encompasses millions of square feet of office, residential and retail including the 1.2 million-square-foot Newport Centre Mall.
CBRE Group Inc.’s New York Institutional Group, led by Jeffery Dunne and Patrick Carino, represented the seller, 350 Warren LP, and was also responsible for identifying Mill Creek as a potential buyer.
The redevelopment offers a one-of-a-kind opportunity to provide loft-style apartment homes within a rehabbed historic industrial building boasting 12-and-a-half foot ceilings, exposed brick, large windows and wood beams and columns.
“350 Warren garnered interest from national, regional and Manhattan developers for its unique ‘loft building’ characteristics and prime Jersey City Central Business District location,” Dunne said. “Mill Creek is acquiring a redevelopment asset unlike any of the conventional apartment projects in Jersey City with high ceilings, and unique exposed brick and wood interiors.”
Within a mile of 350 Warren, there has been a 50 percent increase in population since 2000. The new residents are comprised of the key renter demographic of 25- to-44-year-old, highly educated renters, with over 75 percent over the age of 25 having at least a college degree and over 88 percent working white collar jobs and having an average annual household income of $132,000. Since 2003, more than 7,600 residential rental units have been added and absorbed to the Jersey City’s Central Business District, creating a 24/7 environment.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. Currently, the company’s portfolio comprises 29 communities representing nearly 13,000 apartment homes that are operating, under construction or in planning.