Toll Brothers Sells Jersey City High-Rise

JERSEY CITY, N.J. — A joint venture that includes Toll Brothers Apartment Living has sold The Morgan at Provost Square to Rockpoint. JLL represented the seller and secured acquisition financing for Rockpoint. Terms of the sale were not disclosed. The Morgan at Provost Square is a 38-story high-rise built in 2016 that includes 417 units in studios and one-, two- and three-bedroom floor plans as well as penthouse units on the top floor. The Morgan at Provost Square is 97 percent occupied. Amenities include a rooftop pool with Manhattan-skyline views, an outdoor courtyard with a fire pit, a pet spa, bike storage, coworking spaces and a conference room. In September, Toll Brothers announced it was exiting the apartment business, kicking off a series of dispositions with the $347 million sale of 18 properties to Kennedy Wilson.