The 48-building acquisition, made by Fairstead and Invesco Real Estate, represents the largest deal of its kind in New York in 2021.

"My mother taught me to think of myself as a work in progress, to always aim higher and to be intellectually curious," says John Usdan of Midwood Investment & Development.

The REIT purchased the 160,000 square foot building in January of 2020 for $90 million.

There are three key demographics that will fuel the institutionalization of this asset class over the next decade.