Skylight Real Estate Partners, a private real estate investment company, in a joint venture with PCCP, LLC, announces the purchase of Grand Adams, a 99-unit loft-style residential community in Hoboken, New Jersey for $ 56.75 million. JLL Capital Markets has contracted capital for the recapitalization.
“This acquisition reflects our ability to identify strategically located assets in limited supply markets,” said Bennat Berger, founding partner at Skylight Real Estate Partners. “We are constantly looking for opportunities to expand our portfolio to more families, especially in areas such as New Jersey, which is experiencing significant growth and migration patterns due to limited availability and costs in neighboring markets.”
Grand Adams offers a diverse combination of studios, one-, two- and three-bedroom layouts with modern finishes, spacious living areas, gourmet kitchens, exposed brickwork, vaulted ceilings, huge windows and a wood-burning fireplace. The community provides a benefit package consisting of covered on-site parking, a 24-hour laundry center, concierge services, multiple yards, a dog park and an electronic concierge package.
Located on 300 Grand Street, the property is close to transportation, including PATH Station, the New York Waterway Ferry, the Hudson-Bergen Light Rail, the Bus Station and the Holland and Lincoln Tunnels. Grand Adams also offers walking options to a number of restaurants within a few blocks, as well as other facilities in the area, such as Church Square Park, Hoboken University Hospital and Washington Street.
“PCCP is excited to expand our portfolio for multiple families on the NJ Gold Coast with the acquisition of GrandAdams. The deal was an opportunity to partner with an existing local sponsorship to acquire a differentiated loft-style housing community and take on growing fixed-rate debt in a growing environment, ”said Brian Haber, senior vice president of PCCP.
The JLL Capital Markets advisory team was led by Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn.
“Hoboken is still a target market for real estate investors, and the quality of the Grand Adams and the specific location in the city were highly desirable,” Cruz said.
For more information, visit Skylight Real Estate Partners at https://www.skylightrep.com/.
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