The Orbach Group has completed a two-part transaction resulting in the $150 million acquisition of 22 multi-family buildings in the Columbia South neighborhood on Manhattan’s Upper West Side, the firm announced this morning.
The firm purchased a 33-building apartment portfolio for roughly $250 million from Heritage Real Estate Partners and Dune Capital then flipped 11 of those buildings to two private buyers for about $100 million.
With the addition of the 22 buildings, totaling 532 units, the group now owns and manages 54 buildings in Columbia South between 101st Street and 114th Street alone, with plans to acquire additional properties, according to the announcement.
“Manhattan’s rental market is at an all-time high and Columbia South in particular continues to be a vibrant, in-demand community among residents interested in luxury apartments,” said Meyer Orbach, president of The Orbach Group, in a prepared statement. “This large acquisition further expands our multi-family portfolio, which is now one of the largest in the Upper West Side of New York City. We see these additional assets as strong, long-term investments that we expect will net healthy returns.”
The developer has plans for a capital improvement program for the newly acquired buildings, including common area upgrades, and renovations of individual units, as needed, he added.
The group now owns and manages more than 1,500 apartment units in New York City, and more than 5,500 units throughout its entire East Coast portfolio.
The newly acquired buildings include a mix of one-, two-, and three-bedroom units, with market rents that will range between $2,400 and $4,400 per month.