JOINT VENTURE SELLS HOBOKEN APARTMENT COMPLEX FOR $33.6M

HOBOKEN, N.J. — Argo Real Estate and Alpine Development have sold The Artisan, a 59-unit luxury residential development located at 1400 Clinton St. and 1440 Grand St. in Hoboken for $33.6 million. The 102,000-square-foot, six-story property includes two four-story apartment towers joined by a two-story retail building. LaSalle Investment Management purchased the property in an off-market transaction. New York-based Argo Real Estate partnered with Alpine Development in a joint venture for the project. The group received a $16 million loan from Sovereign Bank in August 2012 to finance construction of the mixed-use development and began leasing the luxury residential units in October 2013. Monthly rents range from $2,400 for a one-bedroom unit to $4,500 for a three-bedroom unit.