The Pomeranc Group is expanding its multifamily footprint in the northeastern U.S. with the acquisition of a 465-unit community in Wayne, N.J. The firm acquired the Mountain View Crossing property from UBS Realty Investors for an undisclosed price.
Cushman & Wakefield’s Niko Nicolaou, Ryan Dowd, Peter Welch and Brian Whitmer represented the seller and procured the buyer. A Cushman team of John Alascio, TJ Sullivan, Chuck Kohaut, John Spreitzer, Jason Blankfein and Mitch Rothstein arranged nearly $97.7 million in acquisition financing. A five-year Fannie Mae loan was provided by Greystone.
Mountain View Crossing offers studio, one-, two- and three-bedroom units which feature private patios or balconies, hardwood flooring and stone countertops, while select units also have washers and dryers, fireplaces, dishwashers and walk-in closets. The community’s common amenities include a dog park, cyber lounge, laundry facility, pool, sundeck, clubroom, barbecue area and tennis and basketball courts.
Located at 650 State Route 23, Mountain View Crossing is located next to North Cove Park and several highways that give residents an approximately 25-mile commute into New York City. In prepared remarks, Dowd noted that this was a rare opportunity to acquire a multifamily complex in an area that has extremely high barriers to entry for new development.
Most of the units have been upgraded recently with the new owners planning improvements for the 65 unrenovated units over the next three years, according to Kohaut. The Pomeranc Group also has plans to enhance and modernize common area amenities.
While The Pomeranc Group is more known for its hospitality-related developments in New York City, the firm also invests in commercial real estate throughout the northeastern U.S. and California.
UBS Realty Investors has recently been disposing of several communities across the U.S. Prior to its sale of Mountain View Crossing, it sold a 184-unit community in Bellevue, Wash., for $90.8 million, as well as The Post, a 208-unit apartment building in Seattle.
