Fresh of its merger with Hanover Real Estate Investors, California-based apartment investor Pacific Urban has acquired a 328-unit New Jersey apartment community from Mesirow Institutional Real Estate Direct Investments.
The Union at Lyndhurst last traded for $99 million in 2015, according to public records.
JLL Capital Markets arranged the latest sale of the Class A, mid-rise multi-housing community. No sale price was disclosed.
“We had great interest on Union at Lyndhurst given its location and quality,” said Jose Cruz, who represented the seller along with Michael Oliver, JB Bruno, Kevin O’Hearn and Steve Simonelli.
“Investors liked the access to NYC specifically as well as the lack of multifamily rentals in the immediate area. The demand from the institutional investor universe for high-quality multi-housing in the New York area is accelerating going into the year end.”
Mesirow Institutional Real Estate Direct Investments offers a series of risk-balanced, multi-family value-added investing opportunities to a growing base of large domestic and international institutional investors. CEO Alasdai Cripps commented, “The long-term fundamentals of the U.S. residential apartment sector remain attractive as a result of secular shifts in the economy.
“We are pleased with the performance of The Union property within our portfolio since its acquisition in August 2015. Mesirow Institutional Real Estate Direct Investments remains opportunistic as both an acquirer and seller of high-quality multi-housing rental units across the U.S.”
Situated at 1301 Wall Street West, The Union is located in the Meadowlands region just off of the intersection of Route 17 and Route 3, less than seven miles from the Lincoln Tunnel entrance for direct access into Midtown Manhattan
Last month, Pacific Urban Investors announced a merger with multi-family private equity investor Hanover Real Estate Investors. The combined company is to be named Pacific Urban Investors, LLC and to be headquartered in Palo Alto, CA with six regional offices located in Los Angeles, Irvine, Seattle, Denver, Manhattan, and Washington DC.
Pacific is one of the most active multifamily investors in the US and currently owns and manages 13,000 apartment homes valued at $5 billion.
Hanover, founded in 2013, has been involved in 40 investments, with a total cost in excess of $1 billion. Today, along with its joint venture partners it owns, manages or is developing over 2,000 apartment homes valued in excess of $800 million.
The combined company will continue its exclusive multifamily focus via acquisition of apartment communities and by providing joint venture equity, preferred equity and other structured finance solutions to select developers and operators.
Alex Yarmolinsky, former CEO of Hanover is continuing as Pacific’s President of the Structured Finance group, Ash Baraghoush & David White, Hanover’s principals are now Pacific’s Managing Directors of Structured Finance.
