Lincoln Property Co. JV Acquires $450M Mixed-Asset Portfolio
The deal also includes unbuilt development sites.
A joint venture between Lincoln Property Co., Saber-Hightower and Waterfall Asset Management has acquired a $450 million portfolio of multifamily and commercial real estate assets in the Tri-State Area. The acquisition totals 4 million square feet of space, and also includes development opportunities.
Assets included in the transaction are Edgewater Harbor, a 262-unit waterfront mixed-use property in Edgewater, N.J., as well as Trilogy Lofts in Yonkers, N.Y., a newly developed 97-unit transit-oriented community. A 50-unit second phase at Trilogy Lofts is expected to begin this year.
The multifamily component of the portfolio also includes 761 Main Avenue in Norwalk, Conn., a 29-acre mixed-use property with a medical outpatient complex and pads for multifamily development. Additionally, the joint venture acquired iPark 84 in East Fishkill, N.Y., a 270-acre, 1.8 million-square-foot business park.
Financing for the broader portfolio included two CMBS assumptions and two balance-sheet loans, Zachary Liebmann, partner and head of commercial real estate at Waterfall Asset Management, said in prepared remarks.
Inside the communities
Trilogy Lofts, located at 21 Scarsdale Road in Yonkers, will span 147 units following the completion of its second phase. Yardi Matrix lists the property as having studio, one- and two-bedroom apartments averaging 765 square feet. Lincoln Property Co. bought the asset for $45 million from National Resources in June, according to the same source.
Shared amenities at the development include a rooftop terrace and kitchen, a clubhouse, a coworking suite, a yoga room and a golf simulator. Individual apartments come with in-unit laundry, dishwashers and stainless steel appliances.
READ ALSO: Despite Political Headwinds, NYC Investment Sales Gain Momentum
That same month, National Resources also sold The View at Edgewater, The Oyster and The Pearl, all in Edgewater, N.J., to Lincoln Property Co. for a total of $146 million, according to Yardi Matrix. The three properties secured a $124 million portfolio loan from Affinius Capital, the same source shows. The properties opened between 2014 and 2016.
Under the joint venture’s business plan, the companies plan to renovate and reposition the multifamily assets included in the sale, as well as lease up and stabilize the assets. The plan also includes selective development of the portfolio’s land parcels.
Lincoln continues acquisition spree
The acquisition adds to Lincoln Property Co.’s multifamily holdings, which includes a development pipeline of more than 5,000 units in the New York City metro. Last July, the company formed a joint venture with Rockpoint Group to acquire a 45-unit luxury community in Williamsburg, a neighborhood in Brooklyn, N.Y.
In July, the company acquired The Spectrum Cos., a Southeastern U.S.-based multifamily developer based in Charlotte, N.C. Spectrum has developed more than 7,000 residential units across 59 projects.
