C6 Real Estate Partners Acquires 100-Unit Apartment Community in Bergen County, NJ in Joint Venture Partnership with Citymark Capital for $27 Million
SOURCE: PR Web
GARFIELD, NJ – JUNE 20, 2017
C6 Real Estate Partners (“C6”), a vertically integrated real estate owner and operator, announced the acquisition of River Edge at Garfield, a 100-unit Class-A multifamily community located in Garfield, New Jersey. The property was built in 2017 and features oversized floor plans, a large swimming pool, and two gyms. Located 15 miles northwest of Manhattan, the property is strategically located with direct access to Route 80, I-95, The Garden State Parkway, Route 21, Route 4 and Route 3.
The newly built property was acquired vacant by C6 in a joint venture partnership with Citymark Capital, an institutional private equity real estate fund manager. C6 will manage all aspects of investment execution on behalf of the partnership.
“River Edge is a rare off-market acquisition of luxury multifamily units in tightly constrained Bergen County, NJ. We are excited to bring institutional ownership and management standards to the value creation plan for this asset. The property benefits from being part of a larger master-planned community that includes luxury condos, and is positioned as best-in-class from a quality of life and amenity standpoint,” said Brian DiSalvo, C6 Principal.
“Citymark Capital is delighted to partner with a great company like C6 to bring attractive, institutional quality apartments to the Greater New York City area,” said Dan Walsh, founder and chief executive officer of Citymark Capital. “This aligns with our national platform of investing in leading U.S. markets and taking a disciplined approach to generating solid returns for our investors.”
“Bergen County continues to be a strong draw for a wide range of residents seeking both luxury and convenience,” added DiSalvo. “River Edge provides a spacious and attractive neighborhood feel that distinguishes itself from the competition.”
About C6 Real Estate Partners
C6 Real Estate Partners specializes in acquiring and operating residential, mixed-use and commercial property in New Jersey and the surrounding area. The firm targets attractive markets economically tied to New York City where local relationships and proactive management provide unique sourcing capabilities and control over business plans. C6 prefers existing assets and selectively pursues development and re-development opportunities from $5 to $100+ million.
About Citymark Capital
Citymark Capital is a national real estate private equity fund manager that invests in market rate, institutional-quality multifamily and multifamily-anchored mixed-use rental properties in the top 50 US markets where strong demand for existing and new properties is driven by population growth, household formation, and job growth. Citymark creates value for its fund investors by providing joint venture equity to top multifamily operating companies across the US.