Invesco and L+M Development Partners Acquire $1B Manhattan Apartment Portfolio
The portfolio totals 2,800 market-rate units. More than 1,800 of the units are slated to become rent-regulated in the long-term.
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.