Skylight Real Estate Partners, a privately held real estate investment firm, has acquired Infinity Edgewater, a 100-unit mixed-use property in Edgewater, New Jersey.
In a joint venture with PCCP, LLC, Skylight Real Estate Partners closed its first deal under the leadership of industry veterans Bennat Berger, Gavin Evans, Benjamin Joseph, and Andrew Miller.
Located at 340 Old River Road, the five-story complex was listed for sale in the Spring at $55 million.
Located at 340 Old River Road, the five-story building comprises a mix of one- and two-bedroom apartments, a curated amenity suite inclusive of a fitness center with a steam room spa, a landscaped gazebo and garden, outdoor grilling area, resident lounge, two-levels of subgrade parking, and access to the Hudson Riverwalk running trail.
There is 5,500 square feet of retail space directly below the building, which is currently occupied by a nail spa and frozen yogurt shop.
“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 sub-market,” said Andrew Miller, 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.”
Edgewater is located within the northern portion of New Jersey’s Gold Coast, a densely populated area of eleven towns with more than 685,000 residents along the Hudson River waterfront.
“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,” said Brian Haber with PCCP. “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.”
JLL secured a five-year, floating-rate loan through PGIM Real Estate for the acquisition. The team representing the seller was led by Senior Managing Director Jose Cruz, Managing Directors Steve Simonelli and Michael Oliver, and Director J.B. Bruno; Senior Managing Director Michael Klein and Director Matthew Pizzolato represented Skylight Real Estate Partners and PCCP on financing.
“We were thrilled to continue our relationship with Skylight Real Estate Partners and advise their new partnership with PCCP on the acquisition financing. This deal received a tremendous amount of interest from the lending community and PGIM ultimately stepped up to offer extremely attractive terms,” Director Matthew Pizzolato said.