Invesco Real Estate Income Trust Inc. (INREIT) has acquired a majority interest in Everly Roseland, a 384,648-square-foot, 360-unit, garden-style multifamily community across 30 two-story buildings, following a partial sale to an affiliate.
The property is located at 28 Nob Hill Road in Roseland, N.J., and it is 95 percent leased. The acquisition is part of a joint venture with Skylight Real Estate Partners, a regional, privately-held real estate investment firm with a focus on multifamily investment and development.
“With the future of work changing traditional office commutes, we continue to see strong demand for affordable, low-density multifamily properties proximate to the urban core. Additionally, Roseland is a desirable community with fairly high barriers to new development and it aligns with our investment strategy for multifamily,” said R. Scott Dennis, president and CEO for INREIT.
Built in 1980, Everly Roseland is one of the largest multifamily a
