Chicago, IL (March 30, 2021) – Pearlmark, in partnership with Aker (collectively, “Sponsor”), closed on the acquisition of a four-asset, 540-unit, garden-style residential portfolio in the Hudson Valley region of New York. Located between New York City and Albany, the Hudson Valley region benefits from recent macro-shifts and migration from New York City to surrounding areas, which have accelerated amidst the COVID-19 pandemic. The Portfolio offers convenient proximity to the growing medical, educational, and tech industries in the region, at a rent level significantly below that which is found in and around the New York City metro area.
Pearlmark and Aker plan to renovate over half of the apartments across the four properties, including significant enhancements to apartment interiors and resident amenities. Greystar, the leading apartment property management and leasing firm, has been engaged to serve as property and construction manager. Aker will serve as the local operator partner, utilizing strong local ties and experience in the community to maximize value for the Portfolio.
Michael Amato, a Principal at Aker, stated “We are excited to work with community members and our partners to reprogram amenities, make repairs and work towards a new standard for customer service in the Hudson Valley. Each property has a unique identity and naturally offers an outdoor lifestyle with convenient access to downtown. We are excited to improve the real estate, but we are even more eager to serve the residents and build community.”
Christopher Mendez, lead executive on the transaction for Pearlmark, stated “Pearlmark is excited to partner with Aker and Greystar on this acquisition. Our goal is to improve the overall experience of each resident and guest of the properties through the implementation of institutional property management and leasing and the execution of a capital investment program focused on refining the quality of the Portfolio.”
Stephen Quazzo, CEO for Pearlmark, also commented, “We believe in the viability of New York State and the Hudson Valley in particular, and we are thrilled to have closed this investment at a significant discount to replacement cost in an area with real growth prospects and supply constraints.”
Aker is a collective of operators investing in cities that bridge urban living with the outdoors. Aker prioritizes responsible development and community involvement. Since 2020, the Aker team has invested over $150M across approximately 700 apartment homes and new development sites. For more information, please visit https://www.akercompanies.com.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $200 billion+ of real estate in nearly 200 markets globally, including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 713,000 units/beds, and has a robust institutional investment management platform with approximately $37.2 billion of assets under management, including over $16 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.