The Orbach Group Scoops UWS Apartment Portfolio for $70 M.
Al Barbarino March 15, 2013, 10:38 a.m.
Residential real estate investment firm The Orbach Group has acquired a three-building Upper — Upper — West Side apartment portfolio with a combined 178 rental units for approximately $70 million from Dermot Company, the firm announced today.
The three apartment buildings — 210, 220, and 230 West 107th Street — are located between Amsterdam Avenue and Broadway and include a mix of one-, two- and three-bedroom apartments, with market rents that The Orbach Group said will range between $2,400 and $5,000 per month.
“Manhattan’s Upper West Side is a vibrant community with high-quality, well-located rental units at a premium,” said Meyer Orbach, president of The Orbach Group, in a statement. “These three properties are excellent additions to our portfolio, which we are growing through smart, strategic acquisitions. As with our existing assets, we expect that these new acquisitions will deliver a healthy, long-term return on our investment.”
The developer has plans for a capital improvement program, including common area upgrades and renovations to individual units, Mr. Orbach added.
The firm purchased a portfolio of six rental apartment buildings around the corner on Amsterdam Avenue and Cathedral Parkway for $30 million in October; the five and six-story walk-ups have a total of 105, mostly rent stabilized units.
The acquisition brings the number of units the firm owns and manages on a three-block radius in the Upper West Side to roughly 700 units. The Orbach Group now owns and manages more than 1,000 apartment units in New York City, and more than 5,000 units throughout its entire East Coast portfolio.