Home Economy 416-unit apartment complex changes hands with Japanese funding

416-unit apartment complex changes hands with Japanese funding

A 416-unit apartment complex in Elmsford, The View on Nob Hill, has been purchased by New York City-based MC Real Estate Partners LLC (MCRE) and Tokyo Trust Capital (TTC), which is based in Tokyo. The selling price was believed to be more than $140 million. The seller was an Ares Management investment fund. Ares Management Corporation reported having $325 billion of assets under management as of March 31, 2022.

Part of The View on Nob Hill. Satellite photo via Google Maps.
Part of The View on Nob Hill. Satellite photo via Google Maps.

MCRE and TTC said that 20% of the apartments in the complex are considered as affordable, with rents targeted for people earning 60% of the Area Median Income. The View on Nob Hill is situated on 24 acres just of West Main Street and overlooking the Saw Mill River Parkway. The complex uses a street address of 32 Nob Hill Drive.

According to MCRE and TTC, the apartments are 97% leased. They say that the current on-site property manager, Lincoln Property Company, will continue in that role.

MCRE owns and operates office and multifamily properties in the New York, Boston, and the Washington, D.C., metro areas.  The company says that the acquisition of the Nob Hill apartment complex brings the value of its assets under management to $825 million. The Elmsford transaction is the third collaboration between MCRE and TTC, and their first multifamily deal together.

Minoru Machida, CEO of TTC, said, “TTC is happy to see yet another successful investment of Japanese capital in the U.S. real estate market. The U.S. real estate market is very attractive to Japanese investors due to unparalleled transparency and liquidity, backed by the most vibrant economy in the world.”

“MCRE targets acquisitions that precisely reflect the investment objectives of our institutional and private capital relationships,” according to Andy Nathan, managing principal of MCRE. “Ares has done a terrific job restoring the property to its proper place as an important mid-market option in Westchester. We look forward to building upon their efforts to provide solid and attractive housing for the residents.”

 

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