OneWall Partners, an owner and manager of transit-oriented and lifestyle-oriented workforce housing, has allocated the first investment from its Nova Appian Preferred Income Fund I, a $50 million preferred equity fund targeting transit-oriented and lifestyle-oriented workforce housing in the northeast United States.
The fund participated with a $8.2 million preferred equity investment in the acquisition of a 35-acre, 32-building garden-style apartment complex that offers residents more than 1,000 parking spaces, close proximity to interstate and regional highways, extensive amenities and superior accessibility to nearby employment, education and entertainment options.
“This complex provides great homes for renters seeking a central location with proximity to jobs and lifestyle amenities,” said Nate Kline, CIO and principal of OneWall Partners. “The assets complement our existing portfolio of workforce housing, and we will implement a multimillion-dollar renovation and repositioning program to create additional value for residents and investors. As one of the fastest growing regions in Pennsylvania, the location has abundant jobs in government, medicine, manufacturing, hospitality and education.”
Ron Kutas, COO and principal of OneWall Partners added, “Our Pennsylvania portfolio now exceeds 2,000 units and this asset seamlessly bolts into our existing regional management infrastructure while providing a large-scale foothold in a submarket with more than 500,000 residents and ample opportunity for future growth.”
OneWall has a strong track record of successful workforce housing investments, and recently launched the Fund to deliver diversified, superior risk-adjusted returns from its proven investment niche targeting transit and lifestyle-oriented workforce housing. The Fund is exploring eight to 15 multi-family residential assets in the northeast, initially focusing on the States of Pennsylvania, New Jersey, New York and Connecticut. OneWall has already identified up to six transactions totaling more than 1,800 apartment units and representing preferred equity investment of up to $27 million.
OneWall Partners invests in walkable, transit-oriented urban communities and lifestyle-oriented suburban communities with value-add potential and close proximity to major employment centers that contain unaffordable housing. The submarkets the company targets are typically less competitive, undervalued secondary markets close to more competitive, high-priced markets, enabling the company to generate superior deal flow from off-market and pocket listings.
Headquartered in Stamford, CT, OneWall Partners is a vertically integrated real estate firm that owns and operates more than 4,000 units of rental housing in New Jersey and Pennsylvania. The company manages all properties through its in-house management group, One Wall Management.