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Related Sells 30-Property Portfolio in 15 States for $88M

MIAMI-Ten of the assets sold to individual investors are in the Southeast with the average price at $2.93 million. The New York-based multifamily developer/investor, with a strong South Florida presence, has held the properties since the early 1980s.

By Alex Finkelstein | Updated on April 24, 2002

MIAMI-After 20 years of operating one of the industry’s first portfolios of tax-advantaged real estate investment funds, New York-based Related Capital Co. has sold a 30-property package in 15 states to a mix of individual investors for $88 million or about $2.93 million per property.

Ten of the assets are in five Southeastern states. Related wouldn’t disclose the total number of units, the aggregate square footage in the portfolio or the names of the buyers.

“We’ve successfully fulfilled the goals and requirements of these early funds which served as a template for many of our future investment funds,” Alan Hirmes, Related’s senior managing director, asset disposition group, says in a prepared statement.

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