Nob Hill in Roseland — Courtesy: JLL
By Joshua Burd
An investment firm has acquired a 360-unit Roseland apartment complex for $130 million, following a financing deal arranged by capital markets brokers with JLL.
The real estate services firm announced Wednesday that it represented Novel Property Ventures in securing $102 million in acquisition financing for the purchase and rebrand of Nob Hill, a 30-building property off Eisenhower Parkway. Managing Director Dustin Stolly and Senior Vice President Aaron Niedermayer led the JLL Capital Markets team on the financing.
Acore Capital provided the financing package, which also includes $10 million for construction.
“It is rare that such a large multifamily asset trades in Northern New Jersey,” Stolly said in a prepared statement. “The value-add opportunity, near-full occupancy, experienced sponsorship and high barrier-to-entry market made this asset highly appealing to lenders.”
Gebroe-Hammer Associates Executive Vice President Greg Pine and President Ken Uranowitz exclusively represented the seller, the original developer and owner since 1978, while Senior Vice President Nicholas Nicolaou procured the buyer.
The Livingston-based brokerage did not identify the seller by name, but published reports say Nob Hill Apartments was developed and has been managed by Segal & Segal.
JLL said Nob Hill, which is located on a 36-acre site, was “immaculately maintained by the seller” but will be rebranded, renovated and modernized. The community already includes amenities such as a swimming pool, two tennis courts and private garages for each unit and ample surface parking.
The buyer’s renovation plan includes construction of a clubhouse and fitness center, dog run and redesign of existing amenities, according to a news release.
“This acquisition is a strong example of our success in capitalizing on the demand for upgraded multifamily product,” said Andrew Miller, principal of Novel Property Ventures. “We anticipate this success to continue as we expand our footprint to include garden-style assets across the country.”
Nob Hill’s location features an NJ Transit bus stop adjacent to the entrance, with proximity to highways and train stations serving NJ Transit and Amtrak commuters to New York City.
For Gebroe-Hammer, the sale comes on the heels of its involvement in the $100 million trade of 642 units in Lodi, which closed last week.
“The hunt for multifamily product throughout North Jersey is enduring. Nob Hill is one of the most prestigious, well-known properties in western Essex County and perhaps the state’s entire northern metro, attracting many high-net worth individuals — from millennials to retirees,” Pine said. “A property of such prominence comes to market perhaps once every generation, if that.”