Page 11 - RE-NJ

INVESTORS BUY 99-UNIT HOBOKEN PROPERTY FOR $57 MILLION
Skylight Real Estate Partners and PCCP LLC have acquired a 99-unit, loft-style apartment building in Hoboken for nearly $57 million, in a deal arranged by JLL.
The transaction at 300 Grand St.,
the site of what’s known as Grand Adams, marks at least the third time in seven months that the firms have partnered on a property in northern New Jersey. The
joint venture
paid $56.75
million for the
collection of
studio, one-
bedroom, two-
bedroom and
three-bedroom
homes near
downtown Hoboken, with JLL’s Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn arranging the equity for what they described as a recapitalization.
“This acquisition reflects our ability to identify strategically located assets in supply-constrained markets,” said Bennat Berger,
founding partner at Skylight Real Estate Partners. “We are consistently seeking opportunities to expand our multifamily portfolio, especially in areas such as New Jersey, which
is seeing significant growth and migration patterns due to limited availability and cost in adjacent markets.”
In a late June news release, PCCP said Grand Adams features upscale apartments and on-site covered parking, with amenities such as a 24-hour laundry center, multiple courtyards, a dog park and an electronic package concierge. The property is also minutes from the Hoboken PATH station and other mass transit options, while residents have quick access to the Holland and Lincoln tunnels and a host of retail, dining and recreation options.
“PCCP is excited to be expanding our New Jersey Gold Coast multifamily portfolio with the acquisition of Grand Adams,” said Brian Haber, a senior vice president with PCCP. “The deal presented
the opportunity to partner with an
Grand Adams at 300 Grand St. in Hoboken
existing local sponsor relationship to acquire a differentiated loft-style apartment community and assume accretive fixed-rate debt in a rising rate environment.”
JLL’s Morristown-based capital markets team also brokered two other recent northern New Jersey deals involving Skylight and PCCP, both in Edgewater. Last fall, the joint venture acquired the 100-unit
Infinity Edgewater complex at 340 Old River Road, around four months before purchasing the 226-unit Riello property at 99 Gorge Road for $130 million.
“Hoboken continues to be a target market for real estate equity investors and Grand Adams’ quality and specific location within the town were highly desirable,” Cruz said.
Jose Cruz
REALESTATENJTM 9
Courtesy: JLL