The Pomeranc Group historically specializes in the hospitality sector, but the Fort Lee-based firm saw what it deemed to be a special opportunity in New Jersey’s multifamily market.
The firm acquired the Mountain View Crossing complex at 650 Route 23 in Wayne, New Jersey for $151 million, NorthJersey.com reported. The deal for the 465-unit property breaks down to slightly below $325,000 per unit.
The seller of the 32-acre property was UBS Realty Investors, which owned the asset for a quarter-century. Greystone provided a $98 million Fannie Mae loan to fund Pomeranc’s acquisition.
Formerly known as Lincoln Crossing, the complex has 309 one-bedroom units, 141 two-bedroom units and a limited number of studio (eight) and three-bedroom (seven) units. The developer plans to renovate 65 apartments in the next few years as tenants roll over.
Amenities at the complex include a basketball court, a dog run, a tennis court, a fitness center and a swimming pool. Construction on the complex — which used to be a neighborhood for affordable housing — was completed more than 30 years ago. The monthly rent today ranges from about $2,300 to $3,200, according to Apartments.com.
Pomeranc’s best known for its luxury hotel chain, Sixty Hotels. This year, the Pomeranc’s Sixty Collective sold the 97-key Sixty Soho hotel at 60 Thompson Street in Manhattan to Standard International. The hotel traded for $1.1 million per room — a post-pandemic in Downtown Manhattan — and $106.9 million overall.
UBS has sold a number of commercial properties in recent years, including at least two multifamily complexes in tri-state area. In 2021, it sold a pair of apartment complexes in Hempstead and West Hempstead to Castle Lanterra for a combined $138 million.
— Holden Walter-Warner
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