Miami, FL — February 5, 2019 – Pensam Residential, a national multi-housing owner and operator, announced today its recent closing of a preferred equity investment which facilitated the sponsor’s acquisition of a 361-unit Class-A multifamily apartment community located in Bloomfield, New Jersey.
The sponsor is a New Jersey-based full-service real estate investment company and a repeat Pensam sponsor. Pensam Residential’s investment was structured behind Fannie Mae senior financing.
The community consists of an eight-story, mid-rise Class-A building with 361 luxury loft-style apartments, located on a 5.3 acre site. The property was originally constructed in 1916 as a factory for General Electric Co., and redeveloped into residences in 2013 to cater to the growing demand for transit-oriented luxury rental housing in Bloomfield, NJ, which is a small, densely populated town located approximately 15 miles west of New York City. Bloomfield is located in Essex County, New Jersey’s third most populous county adjoining New York City, Pennsylvania, Westchester and Rockland counties.
The property is situated within a 5-minute walk of the New Jersey Transit Watsessing Station which offers 30-minute, one-seat service to Manhattan in just two stops. Additionally, the property’s close proximity to Bloomfield Avenue, Bloomfield’s main retail destination, offers residents easy access to a vibrant downtown with numerous bars and restaurants. The property also offers residents the largest square-footage of amenities in the submarket, boasting a two level 4,000 SF fitness center, 20-seat movie theater, rooftop sundeck, 24-hour attended lobby and convenience store, community room with billiards, outdoor event patio, penthouse-level Wi-Fi café, dog park, individual storage rooms, and a three-level covered parking garage.
Floor plans at the property consist of a combination of studios, one, and two-bedroom luxury loft-style units averaging 838 square feet. Unit features include 17-foot ceilings, 13-foot windows, original architectural detail, exposed columns and beams, concrete floors, energy-efficient systems and gourmet kitchens with stainless steel appliances, quartz counter tops, glass tile backsplash, and custom cabinetry.
“We are very pleased with this transaction and the relationship we have been able to establish with this sponsor,” said Michael Stein, Founding Partner of Pensam Residential. “Pensam remains focused on delivering flexible capital solutions, establishing programmatic capital relationships, and partnering with high quality sponsors looking to grow their multifamily portfolios.”
About Pensam Residential
Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States.
Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, repositioning, and management. Pensam has invested in over 35,000 units across 125 properties. For more information visit www.pensamresidential.com.