NEW YORK CITY – Invesco Real Estate and L+M Development Partners have acquired a Manhattan apartment portfolio valued at over $1 billion. The purchase includes five multifamily assets, with some subsidized market units.
On the acquisition line up is the River Crossing, the Heritage, the Miles in Harlem and the Parker, and Roosevelt Landings on Roosevelt Island, totaling 2,800 market-rate units. More than 1,800 of the units are slated to become long-term rent-regulated units. Greenberg Traurig, P. A. law firm arranged the transaction.
Due to the large scale of the portfolio with properties across Northern Manhattan, the transaction proved complex but ideal for the institutional players who are seeking to grow their portfolio holdings. And there are more transactions of the same nature on the way, according to Richard J. Giusto, co-chair of the firm's Global Real Estate Practice, who led the deal closing.
"A transaction of this magnitude requires full use of our integrated platform. I am very proud of my team," he said.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
