Carmel Partners has closed on its purchase of a minority stake in a multifamily portfolio positioned in the Upper West Side of Manhattan.
The portfolio, which consists of five total buildings, traded hands at about a $485 million valuation, according to the Commercial Observer, which reported Tuesday that the deal was completed recently.
Originally, The Real Deal reported in January that owners MetLife and UDR were in the process of selling the assets. Originally, the two firms paid $630 million to acquire the portfolio in 2012.
Newmark was involved with the negotiations, now giving Carmel 49 percent equity control. Also, Carmel will step into the existing debt on the portfolio, which features a 2.6 percent fixed interest rate, the CO reported.
The buildings include 775, 795, 805 and 808 Columbus Avenue and 801 Amsterdam Avenue — all of which were built in 2009. The 492,000 square foot portfolio that sits between 97th and 100th streets hosts a total of 707 units. Of the units, 50 percent are rent-stabilized, with the remaining half priced at market-rate, according to the CO.
The move by Carmel comes about a month after the final close of its U.S. multifamily real estate value creation fund (Fund 9), raising $1.35 billion. The developer said that it would target projects, opportunistic debt and operating properties, without revealing where exactly it would invest. Historically, the firm has taken its multifamily investments to Boston, Denver, Hawaii, New York, Seattle, Washington D.C, as well as Northern and Southern California or other areas where supply is limited.
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