MC Real Estate Partners LLC (MCRE) and Tokyo Trust Capital (TTC) announced the acquisition of The View on Nob Hill Apartments, a 416-unit apartment complex ideally located in southern Westchester County, NY through on off-market transaction on behalf of a large Japanese financial institution. With demand for stabilized investments in the US increasing, MCRE and TTC expect that this is the first of a series of investments in the multi-family segment tailored to their Japanese capital relationships.
The apartment complex, situated on 24 acres overlooking the Saw Mill River Parkway in Elmsford, N.Y., was acquired from an Ares Management investment fund. Currently 97% leased, The View on Nob Hill represents one of the best located apartment complexes in the county, with 20% of the apartments targeted for families earning 60% of the area’s median income. The property provides unparalleled access to the Saw Mill River and Sprain Brook Parkways, Interstate 287 and the New York Thruway, and is surrounded by a multitude of shopping and dining options. The White Plains and Tarrytown Metro North stations are each less than a ten-minute drive away. On-site property management services will continue to be provided by Lincoln Property Company.
This transaction is the third collaboration between MCRE and TTC, and their first multifamily deal together. MCRE continues to grow its multifamily activities as a complement to its already strong office property footprint in the New York, Boston, and D.C. markets. TTC, which is currently completing a large multi-family portfolio acquisition in Japan, makes its first foray into U.S. multifamily with The View on Nob Hill deal.
“MCRE targets acquisitions that precisely reflect the investment objectives of our institutional and private capital relationships. When TTC reached out to us about this mandate and we began the search process with both brokers and principals on the sell side, we quickly identified The View on Nob Hill as an ideal fit. Ares has done a terrific job restoring the property to its proper place as an important, mid-market option in Westchester. We look forward to building upon their efforts to provide solid and attractive housing for the residents,” said Andy Nathan, managing principal of MCRE. “We are thrilled to be completing our third transaction with our friends and colleagues at TTC. Our activities together across markets and property types showcase the nimble approach we bring to solving the needs of our investment partners, including those overseas, to whom we bring both local expertise and a unique understanding of cross-border transactions.”
Minoru Machida, CEO of TTC added, “TTC is happy to see yet another successful investment of Japanese capital in the US real estate market. The US real estate market is very attractive to Japanese investors due to unparalleled transparency and liquidity, backed by the most vibrant economy in the world. With the help of our dear friends at MCRE, we look forward to making more investments not only in multifamily but also in office and other asset types in key markets in the US.”