Third U.S. acquisition completed by MCRE and Tokyo Trust Capital kicks off their new multifamily investment strategy for cross-border capital

NEW YORK, June 9, 2022 /PRNewswire/ — MC Real Estate Partners LLC (MCRE) and Tokyo Trust Capital (TTC) announced the acquisition of The View on Nob Hill Apartments, a 416-unit apartment complex ideally located in southern Westchester County, NY through on off-market transaction on behalf of a large Japanese financial institution.  With demand for stabilized investments in the US increasing, MCRE and TTC expect that this is the first of a series of investments in the multi-family segment tailored to their Japanese capital relationships.

The apartment complex, situated on 24 acres overlooking the Saw Mill River Parkway in Elmsford, N.Y., was acquired from an Ares Management investment fund.  Currently 97{4e908c29df01d999f087e4f922633998e2ded1c72f05851cd6252034960daee5} leased, The View on Nob Hill represents one of the best located apartment complexes in the county, with 20{4e908c29df01d999f087e4f922633998e2ded1c72f05851cd6252034960daee5} of the apartments targeted for families earning 60{4e908c29df01d999f087e4f922633998e2ded1c72f05851cd6252034960daee5} of the area’s median income.  The property provides unparalleled access to the Saw Mill River and Sprain Brook Parkways, Interstate 287 and the New York Thruway, and is surrounded by a multitude of shopping and dining options.  The White Plains and Tarrytown Metro North stations are each less than a ten-minute drive away.  On-site property management services will continue to be provided by Lincoln Property Company.

This transaction is the third collaboration between MCRE and TTC, and their first multifamily deal together.   MCRE continues to grow its multifamily activities as a complement to its already strong office property footprint in the New York, Boston, and D.C. markets.   TTC, which is currently completing a large multi-family portfolio acquisition in Japan, makes its first foray into U.S. multifamily with The View on Nob Hill deal.

“MCRE targets acquisitions that precisely reflect the investment objectives of our institutional and private capital relationships.  When TTC reached out to us about this mandate and we began the search process with both brokers and principals on the sell side, we quickly identified The View on Nob Hill as an ideal fit.  Ares has done a terrific job restoring the property to its proper place as an important, mid-market option in Westchester.  We look forward to building upon their efforts to provide solid and attractive housing for the residents,” said Andy Nathan, managing principal of MCRE. “We are thrilled to be completing our third transaction with our friends and colleagues at TTC.  Our activities together across markets and property types showcase the nimble approach we bring to solving the needs of our investment partners, including those overseas, to whom we bring both local expertise and a unique understanding of cross-border transactions.”

Minoru Machida, CEO of TTC added, “TTC is happy to see yet another successful investment of Japanese capital in the US real estate market. The US real estate market is very attractive to Japanese investors due to unparalleled transparency and liquidity, backed by the most vibrant economy in the world. With the help of our dear friends at MCRE, we look forward to making more investments not only in multifamily but also in office and other asset types in key markets in the US.”

About MCRE

MC Real Estate Partners LLC (“MCRE”) is a privately-held owner/operator of office and multi-family properties in the New York, Boston, and Washington, D.C. metro areas.  Established in 2019 by Andy Nathan and Steve Grant, MCRE reflects the evolution of the founders’ 20-year relationship, beginning as partners at Tishman Speyer, and building on the legacy of their predecessor firms – Meritage Properties and ClearRock Properties.  Combined, the firms founded by the principals executed nearly 50 transactions totaling over 6 million square feet valued over $3 billion. The acquisition of The View on Nob Hill grows MCRE’s assets under management to $825 million. MCRE delivers a unique blend of institutional, global transaction, development and asset management experience with the entrepreneurial drive and responsiveness of a locally focused boutique firm.  MCRE offers a vertically integrated platform to private and institutional capital partners investing across the risk spectrum, adding value throughout each investment’s lifecycle. 

About Tokyo Trust Capital

Tokyo Trust Capital was established in 2016 with the goal to become a leading asset manager in cross border real estate investments related to Japan. With global capital flows in real estate investments rapidly increasing, Tokyo Trust Capital caters to investor clients for both inbound and outbound opportunities to and from Japan.  The firm brings a unique combination of an experienced local Japanese team with significant track record with western investment firms. Leading the firm are founding members Minoru Machida (CEO) and Yuji Tomoda (Managing Director) with the support of major shareholders MA Platform, Inc. (MAP) and TE Capital Pte. Ltd.  MAP is a private equity firm owned wholly by Mr. Akira Mori (Chairman of Mori Trust Co., Ltd. one of the largest privately held real estate developers in Japan). TEC is an investment management firm affiliated with the Tong Eng Group, an established Singaporean real estate developer.  Since its inception, Tokyo Trust Capital has consummated real estate investment transactions in both Japan and the USA totaling roughly US$900 million.


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