Israeli Investor Clal Buys NJ Apartment Property
- Mar 25, 2014
Edgewater, N.J.—Clal US, a subsidiary of Clal Insurance, and Waterton Associates LLC have acquired Infinity Apartments, which is on Old River Rd. in Edgewater, N.J., for $48 million. The property was developed by attorney-developer James Demetrakis on the former site of the Infinity furniture store building in Edgewater, which is a borough along the Hudson River in Bergen County.
The development is a new construction mid-rise with 100 units, including one- and two-bedroom apartments. The six-story building also contains a two-story parking garage and 5,600 square feet of commercial space. Amenities include a fitness center, steam room and sauna, business center and resident meeting rooms, as well as private balconies with views of the Manhattan skyline.
The deal is the first multifamily investment in the United States by Clal US. The company was formed last year with a war chest of “several hundred million dollars” for the purpose of investing in American properties. Clal Insurance is not only an insurance company, but also a pension fund manager, and one of Israel’s largest financial institutions, with over $40 billion in assets under management.
Clal US made its debut to the U.S. real estate market with the purchase of a 49 percent interest in One South Wacker, a 40-story skyscraper in downtown Chicago measuring 1.2 million square feet. According to Clal US, it plans to acquire additional residential assets over the next few years, alongside a growing commercial portfolio.
Waterton Residential, Waterton Associates LLC’s property management division, will oversee the initial lease up of the Infinity Apartments, which is being led by the Marketing Directors. The leasing effort will begin later this spring.