Real estate firm Advance Realty purchased The Metropolitan in Hoboken, it announced Thursday.
The property, located at 1300 Clinton St., is a two building, five-story apartment complex with ground floor retail space.
“The acquisition of this beautiful apartment community reflects our commitment to the city. Like Harlow, we view The Metropolitan as a long-term investment,” Advance Realty CEO and President Peter Cocoziello said.
Financial terms were not disclosed.
Advance announced its plans to make significant upgrades to the 128-unit complex with 2,000 square feet of retail space. The Metropolitan is located one mile from the Lincoln Tunnel entrance and Route 495.
“We believe in and support the city’s vision for smart, mixed-use development that promotes the character and growth of the neighborhood.” Daniel Cocoziello, principal and vice president of development and operations for Advance, said.
Senior managing director Jose Cruz, managing director Kevin O’Hearn and directors Michael Oliver and Stephen Simonelli of HFF investment sales represented the seller.
Advance Realty, in partnership with Camber Capital, acquires middle-market properties in the New York Metropolitan area.