DALLAS, May 23, 2022 /PRNewswire/ — Invesco Real Estate Income Trust Inc. (“INREIT”), an unlisted, institutionally managed public REIT, today announced the acquisition of a majority stake in Everly Roseland, a 384,648 square foot, 360-unit garden-style multi-family community in 30 two-story buildings, following a partial sale to an affiliate. The property is located at 28 Nob Hill Road at Roseland, New Jersey and it is 95% leased. This acquisition is part of a joint venture with Skylight Real Estate Partners (“Skylight”), a private regional real estate investment firm focused on multi-family investment and development.
“With the future of work altering traditional commuting to the office, we continue to see strong demand for affordable, low-density multifamily properties close to the urban core. Additionally, Roseland is a desirable community with fairly high hurdles to new development and aligns with our multifamily investment strategy,” said R. Scott DennisPresident and CEO of INREIT.
Built in 1980, Everly Roseland is one of the largest multi-family assets in West Essex County submarket. A Skylight affiliate had owned the property in a joint venture since 2017. With the recapitalization of the asset, Invesco and Skylight will continue to execute the unit’s refurbishment program, including upgrades to common areas and exteriors. Skylight will also serve as property manager for Everly Roseland.
“Everly Roseland is a successful property with a host of value creation strategies to unlock,” said Andrew Miller, Founding Partner at Skylight Real Estate Partners. “We have begun unit renovations and the construction of an amenities center which has helped modernize the building. We share the same vision as our partners at Invesco in continuing to transform Everly Roseland regain its leading status.”
This investment expands INREIT’s multi-family portfolio in the Northeastern United States. The transaction also establishes a relationship with a new partner, Skylight. This transaction was advised by the debt advisory team of JLL Capital Markets and financed by US Bank. The JLL Capital Markets debt advisory team was led by Michael Klein, Matthew Pizzolato, Pink Jeans and Gerard Quinn.
For more information on this investment and other INREIT properties, please visit https://www.invesco.com/inreit/investments.
Invesco Real Estate Income Trust Inc. (“INREIT“) is an unlisted, institutionally managed public monthly NAV REIT invest in a diversified portfolio of high-quality income-generating properties located in United States. His thematic approach to investing focuses on the places where people consume, live, innovate and connect. INREIT seeks to invest in properties that offer resilient income and the potential for appreciation. INREIT plans to diversify its portfolio over time, including globally. INREIT is managed by Invesco Advisers, Inc., a subsidiary of Invesco ltd. and the Registered Investment Advisor for Invesco Real Estate, the real estate investment center of Invesco ltd. For more information on INREITplease visit www.inreit.com.
About Investo Real Estate
Invesco Real Estate is a global leader in real estate investment management with $91.8 billion in real estate assets under management, 582 employees and 21 regional offices across the United States, Europe and Asia Pacific (from December 31, 2021). Invesco Real Estate has been actively investing in core, value-added and opportunistic real estate strategies since 1983. Invesco Real Estate is the real estate investment center of Invesco Ltd., an independent investment management firm dedicated to providing an investment experience that helps people get the most out of life. New York stock market : IVZ; www.invesco.com.
About Skylight Real Estate Partners
Skylight Real Estate Partners is a private real estate investment firm with extensive experience in the acquisition, development and management of residential and commercial assets in New York, New Jerseywashington d.VS., central and South Florida. The team’s management platform focuses on three complementary investment strategies: value-added, development and distressed opportunities. Since 1998, the founding partners have collectively invested $5.5 billion of equity in assets totaling more than $16 billion of the gross value of the asset. This experience includes more than 9,000 residential units and 20 million square feet of office and retail assets. Skylight offers its investors, tenants and partners deep market knowledge, long-standing relationships and institutional thinking fueled by a motivated and deeply experienced management team with a proven track record of consistent success. Learn more about Skylight Real Estate Partners at https://www.skylightrep.com/.
JLL is a leading professional services firm specializing in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, incredible spaces and sustainable real estate solutions for our clients, our associates and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billionoperations in over 80 countries and a global workforce of over 95,000 people September 30, 2021. JLL is the brand name and a registered trademark of JonesLang LaSalle Incorporated. For more information, visit jll.com.
Contact: Jamie Braverman, [email protected]212-278-9630
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SOURCE Invesco Real Estate Income Trust Inc.