REIT Buys 506-Unit Multifamily Asset for $209M

NEW YORK CITY-Archstone-Smith has completed its acquisition of the 506-unit luxury high-rise rental property at 101 West End Ave. The asset was sold by a joint venture of Tishman Speyer Properties and Travelers Insurance for $209 million.

Joe Morningstar and Andrew Scandalios of Holliday Fenoglio Fowler’s New York office represented both parties in the transaction. Tishman Speyer developed the 35-story, rent-stabilized building. According to Morningstar, the 101 West End Ave. acquisition marks the first acquisition of a Manhattan multifamily property by a publicly traded REIT.

“We believe this is a bellwether transaction for the Manhattan multifamily market and indicative of current market trends,” Morningstar says. “This purchase demonstrates this market’s strong fundamentals and the desirability of Manhattan multifamily product by institutional investors.”