New York Life Real Estate Investors closes on the acquisition of Mount Laurel Crossing in Mount Laurel, New Jersey.
NEW YORK, November 1, 2017—New York Life Real Estate Investors announced today the acquisition, on behalf of institutional investors, of Mount Laurel Crossing, a three story luxury garden apartment community containing 296 units located in Mount Laurel, New Jersey.
The property was built in 1999 and contains 13 residential buildings spread out over 14 acres. At the time of sale the property was 95% occupied. The strategy going forward will be to renovate the unit interiors and to improve the building exteriors and the property amenities. Mount Laurel Crossing is located 17 miles east of downtown Philadelphia and is within five miles of 16 million square feet of office space, as well as, 13 million square feet of retail space, including the Cherry Hill Mall and Moorestown Mall.
“The acquisition of Mount Laurel Crossing is consistent with our strategy to acquire well located properties with renovation potential in supply constrained markets,” said Steven Osborne, senior director at New York Life Real Estate Investors. “With significant capital budgeted to upgrade and to maintain the property, Mount Laurel Crossing is well positioned to undergo a renovation that will increase value to both our investors and property residents.”
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $51.3 billion in assets under management as of June 30, 2017, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/12/17. For methodology, please see http://fortune.com/fortune500/
**Individual independent rating agency commentary as of 8/1/17.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
New York Life Insurance Company