Skylight Real Estate Partners Acquires Edgewater Multifamily

Founding partner of Skylight Real Estate Partners Bennat Berger and 340 Old River Road in Edgewater (Google Maps, LinkedIn)

A new player has entered the real estate market with the first purchase of an apartment building in Edgewater, New Jersey.

According to Commercial Observer, Skylight Real Estate Partners has acquired Infinity Edgewater in a joint venture with PCCP. The transaction cost just over $ 50 million and the JV received a $ 34.5 million five-year loan from PGIM to fund the acquisition.

Skylight is led by industry veterans with success stories at big names like Related Companies and Columbia Property Trust. The company is reportedly looking for value, development, and emergency opportunities in the Florida multi-family and office markets and the New York City metro, among others.

For the first purchase, Skylight and PCCP will get a five-story building with 100 units at 340 Old River Road. The property includes 5,500 square feet of retail space and underground parking on two levels. The building’s amenities include a fitness center, a lounge for residents, and a landscaped pavilion and garden.

The apartment building includes one and two-room apartments. Monthly rents in the building range from $ 2,750 to $ 3,875, according to Apartments.com.

“We are very pleased to complete our first investment as Skylight Real Estate Partners with the purchase of this first-class apartment complex,” said Andrew Miller, one of the company’s founders.

Michael Klein and Matthew Pizzolato from JLL brokered the financing package for the buyers, according to Observer. JLL’s Jose Cruz and Steve Simonelli were among those representing seller Waterton Associates on the transaction.

Skylight joins another fresh party that has made headlines in recent months as the New Jersey apartment building market has picked up pace in recent months.

Last month, General Kearny Apartments in Kearny, Hudson County sold for $ 36.5 million. The purchaser of the 171-unit multi-family complex was the relatively unknown Robert Tagliareni, a New Jersey-based real estate investor who focuses on mixed-use apartment, retail, and office properties.

[CO] – Holden Walter-Warner

Contact Holden Walter Warner