Everly Roseland at 28 Nob Hill Road in Roseland — Courtesy: JLL
(Editor’s note: This story was updated May 23 with information from Invesco Real Estate Investment Trust.)
By Joshua Burd
Invesco Real Estate Investment Trust has acquired a majority interest in a 360-unit garden apartment complex in Roseland for more than $160 million, under a newly announced joint venture with Skylight Real Estate Partners.
In a recent filing with regulators, Invesco said it purchased what’s known as Everly Roseland in a deal with a seller listed as Roseland Residences Investors LLC. It noted that the property comprises 30 two-story buildings, with 384,480 square feet of net rentable area and 777 parking spaces, with a location at 28 Nob Hill Road about a half-mile from Interstate 280.
CoStar’s Linda Moss first reported the deal, which Invesco detailed in an 8-K filing with the U.S. Securities and Exchange Commission. In a separate announcement May 23, the company said it was recapitalizing the property alongside an affiliate of Skylight, which had owned the property under a joint venture since 2017.
“With the future of work changing traditional office commutes, we continue to see strong demand for affordable, low-density multifamily properties proximate to the urban core,” said R. Scott Dennis, CEO and president for INREIT. “Additionally, Roseland is a desirable community with fairly high barriers to new development and it aligns with our investment strategy for multifamily.”
Through the recapitalization, Invesco and Skylight will continue with a series of renovations, including upgrades to the common areas and exteriors, according to a news release. Skylight will also serve as the property manager.
“Everly Roseland is a well-performing property with a multitude of value creation strategies to unlock,” said Andrew Miller, founding partner at Skylight. “We started unit renovations and the construction of an amenities center, which has helped to modernize the building. We share the same vision as our partners at Invesco in continuing to transform Everly Roseland back to its premier status.”
The deal comes five years after Novel Property Ventures, which shares a Manhattan address with Roseland Owner LLC, purchased Everly Roseland for $130 million. The investor purchased the 36-acre complex from its original developer, which had owned the property since 1978, with plans to rebrand, renovate and modernize the property to build on its existing amenities and its highway and mass transit access.
Novel Property would go on to refinance Everly Roseland for nearly $120 million. In late February, Invesco reported that it had entered into an agreement to buy the complex for $160.5 million, exclusive of closing costs.