By Joshua Burd
A newly formed joint venture has made its first deal, acquiring a 314-unit luxury apartment property in Cliffside Park as part of a $165 million transaction announced Monday.
The buyer, HyperionMFP Partners, said The Centre on Anderson Avenue fits its strategy of focusing on value-add and core-plus buildings in the tristate region, South Florida and other select markets poised for long-term rent growth and asset appreciation. The group will now manage the asset and oversee property management after completing the off-market deal, reportedly with seller Arilex Realty.
HyperionMFP Partners is a joint venture of Hyperion Group, a New York- and South Florida-based real estate investment and development firm, and Lawrence Benenson, a partner in New York City’s Benenson Capital.
“The Centre is a Class A rental providing luxury high rise living convenient to New York City and nearby New Jersey employment centers, walking distance to schools, restaurants and other local attractions,” said Rob Vecsler, managing partner of HyperionMFP Partners and CEO of Hyperion Group. “There could not be a more perfect first acquisition for our strategy.”
HyperionMFP Partners added that it intends to collaborate with institutional investors and family offices on other acquisition opportunities.
“The Centre is a wonderful community of residents who enjoy a full range of amenities and stunning views of New York City,” Benenson said. “I am thrilled with this initial acquisition and look forward to quickly pursuing the additional targets in HyperionMFP Partners’ pipeline.”
Jordan Thaler, HyperionMFP Partners’ head of investments, added: “The timing is right for multifamily acquisition. In our target markets, housing supply remains constrained while elevated interest rates over the past few years have driven pricing down, resulting in value and growth opportunities for well-located, high-quality assets. Particularly in markets adjacent to a major urban center that have their own economic drivers, we feel this creates once-in-a-generation entry opportunities.”
