Japanese Investor Enters US Market

The View on Nob Hill Apartments

MC Real Estate Partners and Tokyo Trust Capital has acquired The View on Nob Hill Apartments, a partially affordable, 416-unit community in Elmsford, N.Y. An Ares Management investment fund sold the Class B asset that was 97 percent occupied at the time of closing.

The joint venture acted on behalf of a large Japanese financial institution, which entered the U.S. market through this off-market transaction. The purchase of The View on Nob Hill Apartments represents the third collaboration between MCRE and TTC and their first multifamily deal together.

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According to Yardi Matrix data, the property last changed hands in 2018, when it was bought from Palazzolo Realty for $101.3 million. The buyer financed the purchase with a $66 million loan from Deutsche Bank that was retired in 2021 with a $77.6 million refinancing package.

Spanning across 23 two-story buildings completed in 1993, the community encompasses one-, two- and three-bedroom apartments averaging 773 square feet. Twenty percent of the units cater to households earning 60 percent of the area median income. All units are equipped with washers and dryers and common-area amenities include a playground and laundry facilities.

Located at 32 Nob Hill Drive, the 24-acre property is roughly 30 miles from downtown New York City, providing easy access to Interstate 287, Saw Mill River and Sprain Brook parkways. The community is close to several historical landmarks near the Hudson River. Dining and retail options are available in the surrounding area, along West Main Street.