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The deal has an enterprise value of $152.25 million. The acquisition, which is expected to close in October, includes a substantial corporation tax value of more than $13 million.
"Buyers or investors are always looking for a good ROI and so they have to consider various factors including whether or not rent control is a factor and of course, good rents."
In conjunction with the bankruptcy filing, the internally-managed REIT reports it has entered a stalking horse equity and asset purchase agreement with an entity owned by funds managed by affiliates of Fortress Investment Group of New York City with a bid of $174.4 million.
GlobeSt.com diligently reviewed adaptive reuse projects across the country for our 2019 ADAPT awards. This year, 10 Grand Central has won for the most mindful overall transformation.
Cap rates for student housing assets linked to Power 5 universities have had lower cap rates than other Division I schools, but this year pricing has been almost the same.
"Over the last decade, the environmental remediation industry has learned a lot about what SRRA covers and where it fell short," Richardson said. "This update to the legislation dots the i's and crosses the t's, directly pulled from our lived experience with the requirements."