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EDGEWATER, NJ-Investcorp International has acquired the Residences at City Place from an affiliate of the Philadelphia-based Korman Communities for $73.5 million, or about $366,000 per unit. The 201-unit multifamily asset is a condominium interest within the mixed-use City Place on the Hudson River waterfront.

The Residences is located in three interconnecting buildings of three to five stories atop a 195,000-sf lifestyle retail center separately owned by Rreef that includes such tenants as Banana Republic and the Gap. Also on-site is a new Hilton Hotel under separate ownership and another 130-unit residential component that was previously converted to condos by K. Hovnanian and sold out in 45 days. Also on-site are a fitness center and a business and conference center.

And the Residences, which Korman has operated as a combination of 100 furnished corporate apartments and 101 unfurnished market-rate apartments, is expected to go condo as well. While the New York City-based Investcorp hasn’t announced specific plans, “the property is ideally suited for individual condominium conversion within one of New Jersey’s most active condominium markets,” says Jose Cruz, a senior director with the Cushman & Wakefield Metropolitan Area Capital Markets Group, East Rutherford, NJ, which orchestrated the deal for Korman. The group had orchestrated Korman’s original purchase of the property in 2003 as part of a multiple-entity sale of the larger City Place project.

“Demand currently exceeds available supply, which has led to waiting lists and increasing prices for all of the ‘for sale’ projects that are still under construction,” Cruz says. “This property can be brought to market immediately, enabling Investcorp to take advantage of these conditions.”

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