Skylight, PCCP Purchase Hoboken Apartments for $57M
By Andrew Coen June 23, 2022 10:54 am
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Skylight Real Estate Partners in a joint venture partnership with PCCP has acquired a multifamily asset in Hoboken, N.J., for $56.75 million, Commercial Observer has learned.
JLL Capital Markets placed an undetermined amount of equity on behalf of PCCP for the recapitalization deal of Grand Adams, a 99-unit, loft-style apartment community. The transaction was led by a JLL team of Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn.
“This acquisition reflects our ability to identify strategically located assets in supply-constrained markets,” Bennat Berger, founding partner at Skylight Real Estate Partners, said in a statement. “We are consistently seeking opportunities to expand our multifamily portfolio, especially in areas such as New Jersey, which is seeing significant growth and migration patterns due to limited availability and cost in adjacent markets.”
Located at 300 Grand Street, Grand Adams comprises a mix of studios, one-, two- and three-bedroom units. The property’s amenities include on-site covered parking, a 24-hour laundry center, doorman service, multiple courtyards, a dog park and an electronic package concierge.
“PCCP is excited to be expanding our New Jersey Gold Coast multifamily portfolio with the acquisition of Grand Adams,” Brian Haber, a PCCP senior vice president, said in a statement.
“The deal presented the opportunity to partner with an existing local sponsor relationship to acquire a differentiated loft-style apartment community and assume accretive fixed-rate debt in a rising rate environment.”
The property is within close proximity to public transportation including the PATH system, New York Waterway Ferry and the Hudson-Bergen Light Rail.
JLL’s Cruz said that Hoboken “continues to be a target market” for CRE equity investors, and the location of Grand Adams made it “highly desirable.”
Andrew Coen can be reached at acoen@commercialobserver.com.
