Infinity Edgewater at 340 Old River Road in Edgewater — Courtesy: JLL
By Joshua Burd
An investment group has completed its first deal with the purchase of a 100-unit luxury apartment complex in Edgewater, in a transaction arranged by brokers with JLL.
Skylight Real Estate Partners, a privately held firm based in Manhattan, announced Monday that it teamed with PCCP LLC to acquire what’s known as Infinity Edgewater. The firms paid an undisclosed price for the property at 340 Old River Road, a collection of one- and two-bedroom homes that also has 5,500 square feet of ground-floor retail space.
“We are thrilled to complete our first investment as Skylight Real Estate Partners with the purchase of this premium apartment community located in Edgewater, New Jersey, an extremely desirable and high-barrier-to-entry submarket,” said Andrew Miller, a founding partner of Skylight Real Estate Partners. “This acquisition directly aligns with our core investment thesis, which focuses on assets in supply-constrained markets that allow our team’s diverse experience to add value through enhancements, or development executions.
“We are grateful to our partners at PCCP and look forward to expanding our footprint together in established and stable markets across the East Coast.”
Skyline said it was looking ahead to continued growth under the leadership of Bennat Berger, Gavin Evans, Benjamin Joseph and Miller, bringing more than 20 years of real estate management and development experience. Its first acquisition, a five-story building in the heart of North Jersey’s Gold Coast, is across from the Hudson River and minutes from ferry service and other mass transit options to Manhattan.
JLL Senior Managing Director Jose Cruz, managing directors Steve Simonelli and Michael Oliver and Director J.B. Bruno brokered the sale, while Senior Managing Director Michael Klein and Director Matthew Pizzolato represented the buyers in securing financing.
“Infinity Edgewater presented the opportunity to acquire a steel framed, condo-quality property at an attractive yield profile and meaningful discount to replacement cost. Edgewater has a mature retail profile, strong schools, and offers residents high-quality product and an efficient commute to Manhattan’s West Side or primary Northern New Jersey employment nodes,” PCCP’s Brian Haber said. “We are excited to kick off a partnership with Skylight Real Estate Partners, a company with a particularly strong multifamily track record in New Jersey and other key markets.”
PGIM Real Estate is providing the five-year, floating-rate loan for the acquisition.
“We were thrilled to continue our relationship with Skylight Real Estate Partners and advise their new partnership with PCCP on the acquisition financing,” Pizzolato said. “This deal received a tremendous amount of interest from the lending community and PGIM ultimately stepped up to offer extremely attractive terms.”