EDGEWATER–GlobeSt.com has EXCLUSIVELY learned that the newly-built Infinity Apartments here have been purchased by a subsidiary of Clal Insurance, one of Israel's largest financial institutions, for $48 million.
The property is situated on the same stretch of River Road as the St. Moritz apartments, which has just been sold by developer Fred Daibes for $120 million. (See today's story on GlobeSt.com.) James Demetrakis, the developer of Infinity, is currently partnering with Daibes on multifamily development in Hackensack.
Tamir Kazaz, CEO of Clal US, which opened a Manhattan office last year, tells GlobeSt. that the 100-unit acquisition in Edgewater marks the first of what will be a string of multifamily acquisitions in the Northeast. In fact, he says, “We have already committed to purchase of another 350 units, also a new-construction project in a Class A location on the East Coast.”
The second acquisition will close within the next several months, Kazaz says. His longer-term business plan is to build a 4,000-5,000-unit portfolio for Clal within the next five years.
When Clal opened the Manhattan office last spring and hired Kazaz away from Africa Israel, another major Israel-based investment company, it allocated several hundred million dollars to purchase commercial real estate. Clal Insurance had made its first move in the US in late 2012, buying 49% of a 40-story office skyscraper in Chicago, One South Wacker.
“Since then, we have changed direction and Clal US will focus on multi-family,” Kazaz says.
With the Edgewater purchase, Clal has partnered with Chicago-based Waterton Associates, a multi-family investor and operator. Kazaz tells GlobeSt. that Watertown is also the partner on the pending acquisition.
The Infinity Apartments, located at 340-342 Old River Road in Edgewater, is a six-story building with one- and two-bedroom apartments put up by attorney/developer Demetrakis. The developer is the attorney for Hudson Lights, the mixed-use development under construction adjacent to the George Washington Bridge in Fort Lee.
Infinity includes a two-story parking garage and 5,600-square-feet of commercial space. It offers a fitness center, steam room and sauna, business center and meeting rooms for residents.
The apartments feature custom cabinetry, granite countertops and private balconies with open views of the Manhattan skyline. The Marketing Directors of New York City will lead the leasing efforts starting next month.
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