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Since The Reserve opened in 2008, 167 properties have been sold, and 38 lakeside homes and 15 homesites still available, with a total of 222 properties and more than $300 million in property values at build out.
SL Green will use the sale proceeds to build upon its strategy of redirecting capital from dispositions in a healthy investment market to acquire its discounted stock shares.
CPPIB will have a 45% ownership interest in the Platform 16 joint venture. Boston Properties will retain the remaining 55% ownership stake and provide development, property management and leasing services.
The transaction was reported by NKF Multifamily Capital Markets, which stated it brokered the $43.6-million sale and $34.8-million Freddie Mac financing for repeat NKF/Freddie Mac sponsor, AndMark Investment Fund.