CHICAGO, March 26, 2014 /PRNewswire/ -- Waterton Associates L.L.C. ("Waterton"), a U.S. multifamily investor and operator, is pleased to announce the acquisition of Infinity Apartments, a 100-unit community located in Edgewater, New Jersey. Infinity is the second property purchased by Waterton in 2014.
Waterton Residential, Waterton's property management division, will oversee the initial lease up and manage the property. Waterton purchased the property on behalf of its closed end, value-add fund and in conjunction with Clal US, a 49% co-investment partner. Clal US is a wholly owned subsidiary of Clal Insurance (CLIS:IT), a publicly traded insurance company, pension fund manager and one of Israel's largest financial institutions.
Max Peek, Senior Vice President, East Coast Acquisitions, noted, "Infinity Apartments is a well-built, luxury community in a great location. We are excited to complete this acquisition and look forward to continuing to expand our portfolio in the New York metro area."
Infinity is a class-A mid-rise community with 100 apartments consisting of one and two bedroom units. The recently-constructed property features high-end interior amenities such as custom cabinetry, granite countertops, stainless steel appliances, full-size washer/dryer, walk-in closets and private balconies. In addition, the property offers a business center, resident meeting room and state-of-the-art fitness center including locker rooms, a sauna and a steam room. The property also includes over 5,500 square feet of retail space on site, a parking garage and two public parking lots.
The property is located within two miles of the Edgewater and the Port Imperial / Weehawken Ferry Landings, which provide 15 minute and 10 minute access into Midtown Manhattan, respectively. In addition, the 158 bus, which provides 15 minute access into Midtown Manhattan, stops a block from the property at the intersection of Gorge Road and River Road. Highly accessible to several key transportation amenities, Infinity is also located near some of the area's most desirable retail and entertainment amenities. The intersection of Gorge Road and River Road marks the beginning of a two mile stretch along River Road that includes Whole Foods, Trader Joe's, the Edgewater Multiplex Cinemas, Target, Banana Republic, White House Black Market, Anthropologie and much more.
Waterton Associates L.L.C. ("Waterton") is a U.S. multifamily investor and operator. Through Waterton's wholly owned property management business, Waterton Property Management, L.L.C. ("Waterton Residential"), the firm executes value add strategies and manages a national portfolio of multifamily properties on behalf of institutional investors and family offices. Waterton has a proven expertise in selecting and managing attractive, risk adjusted multifamily investment opportunities and, specifically, in acquiring, redeveloping, managing, financing, and selling multifamily real estate investments located within the United States. Since the formation of Waterton in 1995, the company has sponsored 10 investment vehicles and managed over $5.0 billion in total investments. Waterton currently manages over $3.1 billion in assets, representing approximately 20,000 units in 14 states. For more information, please visit www.WatertonAssociates.com.
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