Wayne apartment complex sells for $151M

Pomeranc Group scores 465-unit asset from UBS Realty Investors

The Pomeranc Group partner Michael Pomeranc and 650 Route 23 in Wayne
The Pomeranc Group partner Michael Pomeranc and 650 Route 23 in Wayne (LinkedIn, Google Maps)

The Pomeranc Group historically specializes in the hospitality sector, but the Fort Lee-based firm saw what it deemed to be a special opportunity in New Jersey’s multifamily market.

The firm acquired the Mountain View Crossing complex at 650 Route 23 in Wayne, New Jersey for $151 million, NorthJersey.com reported. The deal for the 465-unit property breaks down to slightly below $325,000 per unit.

The seller of the 32-acre property was UBS Realty Investors, which owned the asset for a quarter-century. Greystone provided a $98 million Fannie Mae loan to fund Pomeranc’s acquisition.

Formerly known as Lincoln Crossing, the complex has 309 one-bedroom units, 141 two-bedroom units and a limited number of studio (eight) and three-bedroom (seven) units. The developer plans to renovate 65 apartments in the next few years as tenants roll over.

Amenities at the complex include a basketball court, a dog run, a tennis court, a fitness center and a swimming pool. Construction on the complex — which used to be a neighborhood for affordable housing — was completed more than 30 years ago. The monthly rent today ranges from about $2,300 to $3,200, according to Apartments.com.

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Pomeranc’s best known for its luxury hotel chain, Sixty Hotels. This year, the Pomeranc’s Sixty Collective sold the 97-key Sixty Soho hotel at 60 Thompson Street in Manhattan to Standard International. The hotel traded for $1.1 million per room — a post-pandemic in Downtown Manhattan — and $106.9 million overall.

UBS has sold a number of commercial properties in recent years, including at least two multifamily complexes in tri-state area. In 2021, it sold a pair of apartment complexes in Hempstead and West Hempstead to Castle Lanterra for a combined $138 million.

Holden Walter-Warner

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