Listen to this articleThe basics:
- New HyperionFP Partners JV acquires The Centre — 16-story, 314-unit building in Cliffside Park
- Luxury amenities include rooftop pool, fitness center, residential lounge & Manhattan views
- JV focuses on value-add, core-plus multifamily properties in Tri-State, South Florida & other markets
- Fully occupied The Centre offers long-term rent growth and asset appreciation potential
Hyperion Group and Lawrence Benenson launched a joint venture, announcing its first acquisition Oct. 27. The target, multifamily property The Centre, sits in Cliffside Park.
The building stands 16 stories with 314 rental units. The JV said it acquired the property at 1 Towne Centre Drive for $165 million.
The new HyperionFP Partners JV says it will concentrate on buying value-add and core-plus assets. It has its sights set on the Tri-State, South Florida and other select markets. And an eye toward those areas set for long-term rent growth and asset appreciation.
Real estate and development firm Hyperion Group has offices in New York and South Florida. Benenson is a partner at New York City real estate firm Benenson Capital. Independent brokers Jeff Troy and David Brown handled the deal, according to a rep for the JV.
At The Centre
Completed in 2017, Hyperion FP said Arilex Realty founder James Demetrakis originally developed The Centre. The building is at full occupancy.
HyperionMFP Partners will manage the asset and oversee property management.
“The Centre is a Class-A rental providing luxury high rise living convenient to New York City and nearby New Jersey employment centers, walking distance to schools, restaurants and other local attractions,” said Rob Vecsler, managing partner of Hyperion MFP Partners and CEO of Hyperion Group. “There could not be a more perfect first acquisition for our strategy.”
Apartments.com notes the average rent in Cliffside Park is 32% over the national average, making it “one of the most expensive cities in the U.S.” Niche.com assigns the Bergen County suburb an overall “A-,” with highest marks in Nightlife, Diversity and Health & Fitness.
Benenson noted The Centre offers Manhattan views as well as a range of amenities. “I am thrilled with this initial acquisition and look forward to quickly pursuing the additional targets in HyperionMFP Partners’ pipeline,” he added.
Big picture
HyperionMFP Partners head of investments Jordan Thaler commented on the promise of the multifamily market.
“The timing is right for multifamily acquisition. In our target markets, housing supply remains constrained while elevated interest rates over the past few years have driven pricing down, resulting in value and growth opportunities for well-located, high-quality assets.
“Particularly in markets adjacent to a major urban center that have their own economic drivers, we feel this creates once-in-a generation entry opportunities,” he said.
According to the building’s website, amenities include a rooftop pool, residential lounge, glass-enclosed fitness center and more.
The mixed-use site also features 52,000 square feet of retail space as well as a 32,000-square-foot piazza. A representative for HyperionFP told NJBIZ the ground-level commercial component was not part of this acquisition. They added that part was previously sold as a condominium interest to another firm.
However, both “these elements contribute to the sense of community and everyday convenience that align with the JV’s strategy of investing in high-quality, amenitized properties,” they added.
