The 416-unit The View on Nob Hill Apartments complex here has changed hands.

ELMSFORD—The 416-unit The View on Nob Hill Apartments complex here has changed hands. The new ownership is a partnership of New York City-based MC Real Estate Partners, LLC and Tokyo Trust Capital. The off-market transaction conducted on behalf of a large Japanese financial institution was announced on June 9.

The seller of the property was an Ares Management investment fund. No financial terms of the transaction were disclosed.

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 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 Washington, 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.

The View on Nob Hill Apartments, which is situated on 24 acres overlooking the Saw Mill River Parkway, is currently 97% leased. A total of 20% of the apartments at the property are targeted for families earning 60% of the area’s median income. On-site property management services will continue to be provided by Lincoln Property Company.

The property provides 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 10-minute drive from the property.

“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,” said Andy Nathan, managing principal of MCRE. “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.”

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.”

MC Real Estate Partners 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 more than 6 million square feet valued at more than $3 billion. The acquisition of The View on Nob Hill grows MCRE’s assets under management to $825 million.

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. 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 $900 million.