Invesco REIT and Skylight Real Estate Purchase New Jersey Multifamily Property
Invesco Real Estate Income Trust expands its northeast reach by partnering with Skylight to buy the 360-unit Everly Roseland.
Invesco Real Estate Income Trust Inc., a publicly registered, non-traded real estate investment trust, acquired a majority interest in Everly Roseland, a 360-unit multifamily property in Roseland, New Jersey. The transaction followed a partial sale to an affiliate and marked INREIT’s first acquisition with joint venture partner Skylight Real Estate Partners, a privately held real estate investment firm that focuses on multifamily investment and development.
The acquisition of the 95% leased property at 28 Nob Hill Road expands INREIT’s multifamily portfolio into the Northeastern United States. Built in 1980, Everly Roseland is one of the largest multifamily assets in West Essex County submarket, consisting of 30 two-story buildings.
“With the future of work changing traditional office commutes, we continue to see strong demand for affordable, low-density multifamily properties proximate to the urban core,” said R. Scott Dennis, president and chief executive officer for INREIT. “Additionally, Roseland is a desirable community with fairly high barriers to new development and it aligns with our investment strategy for multifamily.”
An affiliate of Skylight owned the property in a joint venture since 2017. Through the recapitalization of the asset, Invesco and Skylight will continue executing the unit renovation program, including upgrades to the common areas and exteriors. Skylight will also serve as the property manager for Everly Roseland.
“Everly Roseland is a well-performing property with a multitude of value creation strategies to unlock,” said Andrew Miller, founding partner at Skylight Real Estate Partners. “We started unit renovations and the construction of an amenities center, which has helped to modernize the building. We share the same vision as our partners at Invesco in continuing to transform Everly Roseland back to its premier status.”
The transaction was advised by JLL Capital Markets debt advisory team and financed by U.S. Bank.
Invesco Real Estate Income Trust invests in stabilized commercial real estate in the United States and intends to diversify globally. The REIT launched its public offering in late May 2021, which consists of up to $2.4 billion in shares of common stock and up to $600 million through the distribution reinvestment plan.
Invesco REIT initially commenced operations in September 2020 via a $400 million private placement offering of Class N shares and sold nearly 6.3 million shares for approximately $164.3 million.
