The Pomeranian Group has historically focused on the hospitality industry, but the Fort Lee-based company saw a unique opportunity in the New Jersey multifamily market.
The company acquired the Mountain View Crossing complex at 650 Route 23 in Wayne, NJ for $151 million, NorthJersey.com report. The 465-unit property is trading down to just under $325,000 per unit.
The seller of the 32-acre property is UBS Realty Investors, which has owned the property for a quarter of a century. Greystone provided a $98 million loan to Fannie Mae to finance the Pomeranc acquisition.
Formerly known as Lincoln Crossing, the complex has 309 one-bedroom units, 141 two-bedroom units, and a limited number of studios (eight) and three-bedroom units (seven). With the renewal of tenants, the developer plans to renovate 65 apartments over the next few years.
The complex’s amenities include a basketball court, dog walk, tennis courts, fitness center and swimming pool. Construction of the complex was completed more than 30 years ago and it was once an affordable housing community. Today’s monthly rent is about $2,300 to $3,200, according to Apartments.com.
Pomerania is known for its luxury hotel chain Hotel Sixty. This year, Pomeranc’s Sixty Collective sold the 97-room Sixty Soho hotel at 60 Thompson Street in Manhattan to Standard International. The hotel fetched $1.1 million per room (the post-pandemic level in downtown Manhattan) for a total of $106.9 million.
UBS has sold a number of commercial properties in recent years, including at least two multifamily complexes in the tri-state area. In 2021, the company sold two apartment buildings in Hempstead and West Hempstead to Castle Lanterra for a combined $138 million.
— holden walter warner
