Archstone Adds $131M Apartment Asset to Portfolio
Tuesday, December 13, 2011
Source: Globe St
Globe St reports: Furthering its expansion into the New York City market, Colorado-based apartment operator and investment firm Archstone has acquired Eastbridge Landing, a 209-unit, 22-story rental tower from sellers Madison International Realty and RFR Holding through an Archstone sponsored partnership, the company unveiled Tuesday morning. The site, located at 377 E. 33rd St., sold for a purchase price of $131 million.
The deal now brings Archstone’s total apartment portfolio in the New York-metropolitan area to 14 properties. It currently owns and manages 10 rental towers in Manhattan, one in Brooklyn and one on Long Island.
The property, which buffers the Murray Hill neighborhood, is located in close proximity to large employers such as the New York University Langone Medical Center and the United Nations. Rents range from $2,500 for studios and up to $5,400 for two-bedroom units. According to global commercial property research firm Real Capital Analytics, the property is 95% occupied.
View the full article on Globe St: Archstone Adds $131M Apartment Asset to Portfolio
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Posted by: Nina Turner