Riello at 99 Gorge Road in Edgewater — Courtesy: JLL
By Joshua Burd
A joint venture has made its second major acquisition in Edgewater in less than five months, adding 226 luxury apartments in a newly completed, $130 million deal by JLL.
Skylight Real Estate Partners, a privately held real estate investment firm, teamed with PCCP LLC to purchase what’s known as Riello at 99 Gorge Road. They did so with a $112 million acquisition loan from institutional investors advised by J.P. Morgan Asset Management.
JLL’s Jose Cruz, Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O’Hearn and Mark Belenky represented the seller, Barings, and the buyer, while the firm’s Michael Klein, Matthew Pizzolato, Gerard Quinn and Jake Moore led the debt placement team on the joint venture’s behalf.
“We are continuing to assemble an attractive portfolio of value-add, multifamily properties in our core markets,” said Andrew Miller, a founding partner of Skylight Real Estate Partners. “With our longstanding relationships with partners like PCCP, and our current development pipeline, we believe we are well-positioned for continued growth and expansion in 2022.”
Rising 20 stories, Riello overlooks the 100-unit luxury rental building known as Infinity Edgewater that Skylight and PCCP purchased last fall. Their newest addition has a mix of upscale one-, two- and three-bedroom units averaging 1,200 square feet, plus amenities such as an outdoor swimming pool, a 24-hour fitness center and a sauna and steam room.
Riello also overlooks the Hudson River and provides panoramic views of the New York City skyline, the investors noted. It’s less than two miles from NY Waterway service and three miles from the George Washington Bridge and Lincoln Tunnel.
“We are pleased to expand our relationship with Skylight Real Estate Partners through the acquisition of Riello,” PCCP’s Brian Haber said. “This deal reflects our continued confidence in the Edgewater area, which remains a strong market with increasing demand.”
Building residents also have access to some 1.1 million square feet of retail within a one-mile radius of the property, including the Whole Foods-anchored Edgewater Towne Center, Edgewater Marketplace, Edgewater Commons and City Place at the Promenade.
“We were excited to be a part of this one and help the Skylight Real Estate Partners and PCCP team continue to expand their portfolio in this area,” Pizzolato said. “This deal received tremendous interest from the lending community given the institutional sponsorship and their knowledge and proven track record to execute on this asset type in this submarket.”