Pacific Urban acquires 328-unit NJ apartment community

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Fresh of its merger with Hanover Real Estate Investors, California-based
apartment investor Pacific Urban has acquired a 328-unit New Jersey apartment
community from Mesirow Institutional Real Estate Direct Investments.

The Union at Lyndhurst last traded for $99 million in 2015,
according to public records.

JLL Capital Markets arranged the latest sale of the Class A,
mid-rise multi-housing community. No sale price was disclosed.

“We had great interest on Union at Lyndhurst given its location and quality,” said Jose Cruz, who represented the seller along with Michael Oliver, JB Bruno, Kevin O’Hearn and Steve Simonelli.

JOSE CRUZ

“Investors liked the access to NYC specifically as well as
the lack of multifamily rentals in the immediate area. The demand from the
institutional investor universe for high-quality multi-housing in the New York
area is accelerating going into the year end.”

Mesirow Institutional Real Estate Direct Investments offers
a series of risk-balanced, multi-family value-added investing opportunities to
a growing base of large domestic and international institutional investors. CEO
Alasdai Cripps commented, “The long-term fundamentals of the U.S. residential
apartment sector remain attractive as a result of secular shifts in the economy.

“We are pleased with the performance of The Union property
within our portfolio since its acquisition in August 2015. Mesirow
Institutional Real Estate Direct Investments remains opportunistic as both an
acquirer and seller of high-quality multi-housing rental units across the U.S.”

Situated at 1301 Wall Street West, The Union is located in
the Meadowlands region just off of the intersection of Route 17 and Route 3,
less than seven miles from the Lincoln Tunnel entrance for direct access into
Midtown Manhattan

Last month, Pacific Urban Investors announced a merger with multi-family
private equity investor Hanover Real Estate Investors. The combined company is
to be named Pacific Urban Investors, LLC and to be headquartered in Palo Alto,
CA with six regional offices located in Los Angeles, Irvine, Seattle, Denver,
Manhattan, and Washington DC.

Pacific is one of the most active multifamily investors in
the US and currently owns and manages 13,000 apartment homes valued at $5
billion.

Hanover, founded in 2013, has been involved in 40
investments, with a total cost in excess of $1 billion. Today, along with its
joint venture partners it owns, manages or is developing over 2,000 apartment
homes valued in excess of $800 million.

The combined company will continue its exclusive multifamily
focus via acquisition of apartment communities and by providing joint venture
equity, preferred equity and other structured finance solutions to select
developers and operators.

Alex Yarmolinsky, former CEO of Hanover is continuing as
Pacific’s President of the Structured Finance group, Ash Baraghoush & David
White, Hanover’s principals are now Pacific’s Managing Directors of Structured
Finance.

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