Skylight Real Estate Partners, a privately held real estate investment firm, in a joint venture with PCCP, LLC, announces the acquisition of Riello, a 226- unit apartment building in Edgewater, New Jersey for $130 million. The deal marks Skylight Real Estate Partners’ second acquisition in Edgewater, New Jersey, and its second joint venture with PCCP. JLL Capital Markets represented Skylight and PCCP, as well as the seller, Barings. Institutional investors advised by J.P. Morgan Asset Management provided a $112 million acquisition loan that will allow the joint venture to execute its business plan.
“We are continuing to assemble an attractive portfolio of value-add, multifamily properties in our core markets,” said Andrew Miller, Founding Partner at Skylight Real Estate Partners. “With our long-standing relationships with partners like PCCP, and our current development pipeline, we believe we are well-positioned for continued growth and expansion in 2022.”
Located at 99 George Road, the 20-story building consists of one-, two-, and three-bedroom units with generous layouts and ample space averaging 1,200 square feet per unit. Other features include granite countertops, stainless steel appliances, hardwood floors, open-concept kitchens, and walk-in closets. The building also features amenities such as an outdoor swimming pool, a 24-hour fitness center, sauna and steam room, covered garage parking, children’s playroom, business center, bike storage, pet run, and barbecue area.
“We are pleased to expand our relationship with Skylight Real Estate Partners through the acquisition of Riello,” said Brian Haber with PCCP. “This deal reflects our continued confidence in the Edgewater area, which remains a strong market with increasing demand.”
The building overlooks the Hudson River and offers residents panoramic views of the New York City skyline. Located less than two miles from the NY Waterway and three miles from the George Washington Bridge and Lincoln Tunnel, residents have convenient access to New York City, and nearby access to surrounding freeways. Approximately 1.1 million square feet of retail is situated within a one-mile radius of the property, including Edgewater Towne Center, anchored by Whole Foods Market, Edgewater Marketplace, Edgewater Commons and City Place at the Promenade.
The JLL Capital Markets Investment Sales and Advisory team representing the seller and buyer was led by Jose Cruz, Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O’Hearn and Mark Belenky. Additionally, Michael Klein, Matthew Pizzolato, Gerard Quinn and Jake Moore led the JLL Capital Markets Debt Advisory team representing the buyer with their acquisition financing.
“We were excited to be a part of this one and help the Skylight Real Estate Partners and PCCP team continue to expand their portfolio in this area,” Pizzolato said. “This deal received tremendous interest from the lending community given the institutional sponsorship and their knowledge and proven track record to execute on this asset type in this submarket.”
Skylight Real Estate Partners acquired a 100-unit mixed-use building in Edgewater, New Jersey in November, followed by the acquisition of a significant development site in Miami in December 2021.
For more information, please visit Skylight Real Estate Partners at https://www.skylightrep.com/.