Skylight Real Estate Partners, a privately held real estate investment firm, in a joint venture with PCCP LLC, on Wednesday announced the acquisition of Grand Adams, a 99-unit, loft-style apartment community in Hoboken, for $56.75 million. JLL Capital Markets arranged the equity for the recapitalization.
“This acquisition reflects our ability to identify strategically located assets in supply-constrained markets,” Bennat Berger, founding partner at Skylight Real Estate Partners, said. “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 St., Grand Adams offers a diverse mix of studios, 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 provides an amenity package consisting of on-site covered parking, a 24-hour laundry center, doorman service, multiple courtyards, a dog park and an electronic package concierge.
The property is within close proximity to transportation, including the PATH station, the New York Waterway Ferry, Hudson-Bergen Light Rail, bus station and the Holland and Lincoln tunnels. Grand Adams also offers walkability to 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 excited to be expanding our New Jersey Gold Coast multifamily portfolio with the acquisition of Grand Adams. 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,” Brian Haber, a senior vice president with PCCP, stated.
The JLL Capital Markets Advisory Team was led by Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn.