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GlobeSt.com UPDATE: Equity Residential Buys $816M of West Side Portfolio

NEW YORK CITY-Equity Residential increases its holdings here by taking three high-rise towers on the Upper West Side for $816 million. They are part of a larger deal where the Carlyle Group and Extell agreed to acquire those sites and developable land for just under $1.8 billion from a consortium of Hong Kong investors and Donald Trump.

By Barbara Jarvie | Updated on June 20, 2005

(To read more on the multifamily market, click here.)

NEW YORK CITY-Upon closing of a larger deal, Chicago-based Equity Residential will add 1,325 apartments here to its portfolio in an $816-million transaction. The company has entered into a contract to acquire Trump Place at 140, 160 and 180 Riverside Blvd. The purchase price equates to approximately $585,000 per apartment unit and $730 per sf of rentable apartment space.

This transaction is part of a larger transaction in which the Carlyle Group and Extell Development Co. are purchasing the three properties as well as a large tract of developable land on the Upper West Side from a consortium of Hong Kong investors and Donald J. Trump for just under $1.8 billion. The tract of land, which is bounded by 59th and 65th streets and West End Avenue and Riverside Boulevard, can accommodate the future delivery of more than ten buildings, according to Carlyle officials. Both transactions are expected to close in the third or fourth quarter.

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