(To read more on the multifamily market, click here.)
NEW YORK CITY-Archstone-Smith has spent $266 million for two apartment communities here, adding 450 units to its holdings. In just four years, the Denver-based REIT has amassed a portfolio of 3,745 apartment units here with an investment of approximately $1.8 billion.
The company's newest additions are the Marlborough House, a 270-unit, 35-story community in Murray Hill, and 180 Montague St., a 192-unit, 33-story community in Brooklyn Heights. The firm paid $165 million for Marlborough House and $101 million for 180 Montague. Marlborough House is one block north of Archstone East 39th, which was acquired in 2004. The acquisitions were funded primarily through tax-deferred exchange proceeds. Information on the sellers was not released.
"New York City is an important component of our long-term strategy of owning apartment communities in highly desirable neighborhoods with expensive housing costs," says R. Scot Sellers, chairman and chief executive officer. According to Archstone-Smith, it is now the largest public owner of apartments in Manhattan.
As of March 31 Archstone-Smith owned or had an ownership position in 254 communities, representing 86,513 units, including units under construction. The firm made its first purchase here in 2002. The firm previously acquired the Gershwin, a 550-unit high-rise apartment for approximately $342 million. It owns two high-rise apartment communities--the Aston, a 266-unit community in Chelsea, and the Foundry, a 222-unit community in the Clinton neighborhood. Other area holdings include the Park Hudson on West End Avenue and the Mosaic, a 627-unit community in the Clinton neighborhood.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
