NEW YORK CITY-Chicago-based apartment REIT Equity Residential has acquired a 301-unit luxury rental in Manhattan’s Chelsea neighborhood, GlobeSt.com has confirmed with sellers JD Carlisle LLC and DLJ Real Estate Capital Partners. Under the transaction, Equity purchased the residential portion of the Beatrice, a mixed-use apartment/hotel at 105 W. 29^th St., for $280 million.

“We got a very good price,” Jules Demchick, chairman of JD Carlisle, tells GlobeSt.com, noting that the REIT bought up the top 29 floors of the 54-story property. The building also includes the 292-key Eventi Hotel and a 529-space parking garage, but the hotel and parking portions were not part of the sale.

Demchick says the deal was consistent with the company’s strategy of developing class A multifamily, office and retail properties and selling them to high-quality institutional investors. JD Carlisle, which also owns Kips Bay Plaza on Second Avenue and the Cable building at Broadway and Houston Street, is now focusing on its latest construction project at 158 Madison Ave. in Murray Hill, a 320-unit rental tower on 33rd Street. The site is slated for completion in approximately two years, he adds. “Right now we are really focused on Manhattan multifamily,” Demchick says.