Closing on the sale of a 3,962-unit apartment portfolio in Manhattan that went under contract in August, Brookfield Property Partners has paid $1 billion for the six-buildling asset to Urban American and City Investment Fund. Urban American—which maintains its operating status for the portfolio—also retained an equity interest...
Adds Savills Studley—which advised the sellers on the deal—the acquisition reduces leverage while funding planned capital improvements and ongoing unit renovations of the properties. The real estate services firm’s executive managing director Jeffrey Baker led the transaction, capitalizing on the strength of the New York residential market and global demand for Manhattan real estate investments.
“We had strong interest from around the globe, demonstrating the amount of interest there is in New York and the eagerness of foreign capital to move into Manhattan,” he tells GlobeSt.com. A 25-year industry veteran, Baker is the leader of Savills Studley’s multifamily practice.Brookfield Closes on Giant MF Buy
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