NEW YORK CITY-Making a big statement on its favorable view of the Upper West Side, the Orbach Group has completed a large, two-part transaction in the Columbia University neighborhood.
In the transaction's first phase, Orbach acquired a 33-building apartment portfolio, totaling 1,031 high-end rental units, for approximately $250 million, from a joint venture of Heritage Real Estate Partners and Dune Capital. The Orbach Group then sold off 11 of those buildings totaling 499 units, to two private buyers, for approximately $100 million.
Having netted 22 buildings totaling 532 units from this latest transaction and adding them to the firm's existing portfolio, the Orbach Group now owns and manages 54 buildings between 101st street and 114th street, with plans to acquire additional properties.
The newly acquired buildings include a mix of one-, two-and three-bedroom units. Market rents will range between $2,400 and $4,400 per month.
“Manhattan's rental market is at an all-time high and Columbia South in particular continues to be a vibrant, in-demand community among residents interested in luxury apartments,” says Meyer Orbach, president of the Orbach Group. “This large acquisition further expands our multi-family portfolio, which is now one of the largest in the Upper West Side of New York City. We see these additional assets as strong, long-term investments that we expect will net healthy returns.”
Orbach plans to engage in a capital improvement program for the newly acquired buildings, including common area upgrades, and renovations of individual units, as needed.
"The Columbia South portfolio is consistent with our mission of providing renters with a superior experience on the Upper West Side,” says Kenny Friedman, managing partner of the Orbach Group.
Earlier this year, the company snapped up a three-building portfolio along West 107th street, giving it approximately 700 units in roughly a five-block radius.
The Orbach Group now owns and manages more than 1,500 apartment units in New York City, and more than 5,500 units along the East Coast.
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.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
