New firm pays $50M for Edgewater multifamily
Skylight Real Estate Partners acquired NJ property with PCCP
A new player has entered the real estate market with its first purchase of a multifamily asset in Edgewater, New Jersey.
Skylight Real Estate Partners, in a joint venture with PCCP, acquired Infinity Edgewater, according to the Commercial Observer. The deal cost slightly more than $50 million and the JV received a $34.5 million, five-year, floating rate loan from PGIM to fund the acquisition.
Skylight is being helmed by industry veterans with track records at big names like Related Companies and Columbia Property Trust. The company is reportedly eyeing value-add, development and distressed opportunities in the multifamily and office markets in Florida and the New York City metro, among other locales.
In its first purchase, Skylight and PCCP are getting a five-story, 100-unit building at 340 Old River Road. The property includes 5,500 square feet of retail space and subgrade parking across two levels. Amenities for the building include a fitness center, a resident lounge and a landscaped gazebo and garden.
The apartment building includes one- and two-bedroom units. According to Apartments.com, monthly rents in the building range from $2,750 to $3,875.
“We are thrilled to complete our first investment as Skylight Real Estate Partners with the purchase of this premium apartment community,” said Andrew Miller, one of the company’s founders.
JLL’s Michael Klein and Matthew Pizzolato brokered the financing package for the buyers, according to the Observer. JLL’s Jose Cruz and Steve Simonelli were among those to represent seller Waterton Associates in the deal.
Skylight joins another fresh party that made recent headlines as the New Jersey multifamily market has picked up steam in recent months.
Last month, the General Kearny Apartments in Kearny, Hudson County was sold for $36.5 million. The buyer of the 171-unit multifamily complex was relatively unknown Robert Tagliareni, a New Jersey-based real estate investor focusing on mixed-use, multifamily, retail and office assets.
[CO] — Holden Walter-Warner