4A — December 22, 2017 - January 11, 2018 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
ucern Capital Partners, a real estate private equity firm headquar- New owner takes advantage of a continually maturing Irvington housing market Lucern Capital Partners acquires two property portfolio in Irvington, NJ L market by updating and repo- sitioning the asset after years of mismanagement and signifi- cant deferred maintenance.
growth in the submarket. While Irvington does not have the train access that East Orange does, it has the second largest bus terminal in New Jersey servicing over 12,000 riders daily, and excellent access to Newark Airport and Down- town Newark, both strong workforce employment bases. While quality opportunities have become scarcer as more capital has moved into this submarket, and capitalization rates have continued compress- ing across desirable MSAs, we will continue to acquire assets that have long-term structural
upside, higher cash yields, and are geographically proximate to transit and workforce employ- ment hubs. A confluence of fac- tors has pushed capitalization rates downward from histori- cal levels – especially in what used to be no-go zones in Essex County, but we feel strongly that it will be near impossible to find quality market rate investment product in Essex County for under $100,000 per unit in the next cycle,” said Frank Forte, who co-founded the firm earlier this year with two other real estate veterans. The firm, which focuses on
value-add multifamily acquisi- tions and, specifically, natural- ly occurring affordable housing, will close out 2017 with ten acquisitions in five submarkets across New Jersey, Pennsylva- nia, and North Carolina. “We are extremely excited for 2018 and what it will hold for the growth of our company. While we have a sizeable war chest, we will continue to hold the line for prudent acquisitions that fit our business model, and avoid the pack mentality that has historically overbought yield,” said Mr. Forte. n LugTrack wi ns $50,000 award to support growth in NJ TRENTON, NJ — One de- serving Garden State entre- preneur was presented with a $50,000 prize at the New Jersey Economic Develop- ment Authority’s (EDA) New Jersey Founders and Funders All-Stars event. Through a “pitch” competition featur- ing five previous New Jersey Founders and Funders partici- pants, LugTrack, represented by CFO Denise Brouder, was selected to receive funding to support her company’s contin- ued growth in NJ. LugTrack offers a patented system for tracking personal assets, such as luggage. The NJ Founde r s and Funders programwas launched in June 2014 to directly connect entrepreneurs with multiple investors in a speed-dating environment. NJ Founders and Funders enables early-stage New Jersey businesses to meet with investors in 10-minute, one-on-one sessions to discuss strategy, business models and funding opportunities. These discussions help early-stage companies gain critical insight on how best to position their startups within the Garden State’s vibrant technology eco- system. The event, which was held at the 32,600 s/f Biotechnology De- velopment Center on the Tech- nology Centre of NJ campus in North Brunswick, marked the first time that past New Jersey Founders and Funders participants were offered the opportunity to reconnect with and update investors on their progress, while competing for the award of up to $50,000 approved by the EDA’s Board for one selected, registered, presenting life sciences or bio- technology company. n
tered in New Jersey, has acqu i red a two property portfolio in I r v i n g t o n , New Jersey. This marks t h e t h i r d and f our th
“We continue to see an in- flux to Irvington of higher quality tenants that are being priced out of rapidly gentrifying East Orange and Orange sub- markets. This movement has generated demand for higher quality finishes and product, driving dramatic rent growth. Increased rental demand com- bined with declining crime -- now at its lowest level in 40 years – mean there is tremen- dous possibility for continued
Frank Forte
acquisition(s) for the principals in the Irvington submarket in 2017. The new owner plans to take advantage of a continually maturing Irvington housing
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