Skylight Real Estate Partners, a recently launched real estate investment firm led by industry veterans Bennat Berger, Gavin Evans, Benjamin Joseph and Andrew Miller, closed on the acquisition of Infinity Edgewater, a 100-unit mixed-use property in Edgewater, its first deal under the company’s brand, in a joint venture with PCCP LLC, according to a Monday announcement.
Located at 340 Old River Road, the five-story building comprises a mix of one- and two-bedroom apartments with condo-level fixtures and finishes, in addition to a curated amenity suite. There is also 5,500 square feet of retail space directly below the building, which is currently occupied by a nail spa and frozen yogurt shop.
“We are thrilled to complete our first investment as Skylight Real Estate Partners with the
purchase of this premium apartment community located in Edgewater, New Jersey, an
extremely desirable and high-barrier-to-entry submarket,” Miller said. “This acquisition directly aligns with our core investment thesis, which focuses on assets in supply constrained markets that allow our team’s diverse experience to add value through enhancements, or development executions. We are grateful to our partners at PCCP, and look forward to expanding our footprint together in established and stable markets across the East Coast.”
Infinity Edgewater is located in close proximity to the Port Imperial/Weehawken Ferry, which has a direct route across the Hudson River directly into Hudson Yards. Additionally, the New Jersey Transit bus has a stop across the street from the building. Edgewater is located within the northern portion of New Jersey’s Gold Coast, a densely populated area of eleven towns with more than 685,000 residents along the Hudson River waterfront.
“Infinity Edgewater presented the opportunity to acquire a steel framed, condo-quality property at an attractive yield profile and meaningful discount to replacement cost,” Brian Haber with PCCP stated. “We are excited to kick off a partnership with Skylight Real Estate Partners, a company with a particularly strong multifamily track record in New Jersey and other key markets.”
JLL secured a five-year, floating-rate loan through PGIM Real Estate for the acquisition. The
team representing the seller was led by Senior Managing Director Jose Cruz, Managing
Directors Steve Simonelli and Michael Oliver and Director J.B. Bruno; Senior Managing Director Michael Klein and Director Matthew Pizzolato represented Skylight Real Estate Partners and PCCP on financing.