Japanese investor makes first U.S. multifamily purchase

MC Real Estate Partners (MCRE) and Tokyo Trust Capital (TTC) have announced the acquisition of The View on Nob Hill Apartments, a 416-unit apartment complex located in southern Westchester County, N.Y., through an off-market transaction on behalf of a large Japanese financial institution.

With demand for stabilized investments in the United States increasing, MCRE and TTC expect this will be the first of a series of investments in the multifamily segment tailored to their Japanese capital relationships, according to a statement.

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 percent leased, The View on Nob Hill represents one of the best-located apartment complexes in the county, with 20 percent of the apartments targeted for families earning 60 percent of the area’s median income. The property provides unparalleled access to the Saw Mill R