Related Investing in Multifamily Market's Momentum
Bloomberg reports: Illustrating that the market for commercial real estate, and apartment properties specifically, is continuing to improve markedly into the first quarter of 2011, Bloomberg recently reported that Related Cos has found a buyer for its Sagamore luxury property on Manhattan’s Upper West Side. Reportedly, the sale of the 265-unit property received a number of bids and was highly pursued by a diverse group of bidders, demonstrating that investors of many stripes agree that the multifamily sector has a solid future.
Ultimately, the winning bidder – which according to Bloomberg sources, is a unit of LaSalle Investment Management, a private-equity firm based in Chicago – paid $140 million for Sagamore. That is the highest price paid for a multifamily property in Manhattan in nearly one year, according to Real Capital Analytics (RCA), since Equity Residential purchased the Longacre House in Midtown West for $143 million.
On rising demand for rentals across the nation, especially in the largest 24-hour cities, investors are turning to the multifamily market for solid, performing properties for their portfolios. Bloomberg quotes data aggregated by RCA in stating that, “The dollar volume of Manhattan apartment sales more than doubled in 2010 from a year earlier to $2.13 billion.”
View the full article on Bloomberg: Related Investing in Multifamily Market's Momentum
Articles related to this topic:
Multifamily Sector Carries Momentum into New Year
Two US REITs Cash-In on Profitable Multifamily Trends
Developers Ramping Up Multifamily Projects
Firm Rescues Value-Add Apartment Complex in Houston
Flurry of Early M & A Deals Points to Formidable Year for CRE
UDR Unseats LaSalle for Largest Manhattan Multifamily Trade in 2011
Multifamily Investors Venturing Beyond Core Assets, Primary Markets
Wealthy Individuals Using Under-Mattress Cash to Invest in Commercial Property
Posted by: Nina Turner