Skylight Real Estate Partners is acquiring a 99-unit apartment building in Hoboken, NJ
Skylight real estate partner, a privately held real estate investment firm, announces that it has acquired Grand Adams, a 99-unit loft-style condominium in Hoboken, New Jersey, in a joint venture with PCCP, LLC for $56.75 million. JLL Capital Markets arranged the equity for the recapitalization.
“This acquisition reflects our ability to identify strategically located assets in constrained markets,” said Bennat Berger, founding partner of Skylight Real Estate Partners. “We are constantly looking for opportunities to expand our multifamily portfolio, particularly in areas like New Jersey, which is seeing significant growth and migration patterns in adjacent markets due to limited availability and costs.”
Grand Adams offers a diverse mix of studio, one, two and three bedroom layouts with modern finishes, expansive living spaces, gourmet kitchens, exposed brick, vaulted ceilings, oversized windows and wood burning fireplaces. The community offers an amenity package consisting of onsite covered parking, a 24-hour laundry center, concierge service, multiple courtyards, a dog park, and an e-package concierge.
The property is located at 300 Grand Street, in close proximity to public transportation including the 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 many restaurants within a few blocks, as well as other area amenities such as Church Square Park, Hoboken University Hospital, and Washington Street.
“PCCP is pleased to expand our multifamily portfolio in the NJ Gold Coast with the acquisition of Grand
adams The deal presented an opportunity to work with an existing local sponsor to acquire a differentiated loft-style community and, on an increase, assume increasing fixed-rate debt
interest rate environment,” said Brian Haber, senior vice president at PCCP.
The JLL Capital Markets Advisory Team was led by Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn.
“Hoboken continues to be a target market for real estate investors, and Grand Adams’ quality and specific location within the city were highly desirable,” said Cruz.
For more information, please visit Skylight Real Estate Partners at https://www.skylightrep.com/.
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