Sales Deals of the Week: FPA Multifamily’s Buying Spree Isn’t Over Yet
The top five sales across the country from March 11 to March 15.
By The Editors March 15, 2024 10:00 am
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This week kicked off with a $186 million deal in Downtown Los Angeles, where FPA Multifamily is apparently continuing its buying spree. The firm snapped up a 34-story luxury residential tower from CIM Group. Otherwise, New York dominated. Not one, but two homeless shelter sites changed hands in Queens and the Bronx. And in Brooklyn, H&R Real Estate Investment Trust acquired a 75 percent stake in a troubled residential development site on the banks of the Gowanus Canal.
| Amount | Address | Buyer | Seller | Brokers | Asset |
|---|---|---|---|---|---|
| $186 million | 888 South Hope Street; Los Angeles, Calif. | FPA Multifamily | CIM Group | N/A | Residential |
| $79.2 million | 138-10 135th Avenue, Queens, N.Y. | Crowne Partners | GFI Capital Resources Group | N/A | Hotel |
| $76.5 million | 459 Smith Street, Brooklyn, N.Y. | H&R Real Estate Investment Trust | All Year Management | N/A | Residential development site |
| $64 million | 951 Olmstead Avenue, Bronx, N.Y. | Urban Resource Institute | Heights Advisors | N/A | Homeless shelter |
| $34.8 million | 291 Livingston Street, Brooklyn, N.Y. | Midas Hospitality | Hello Living and Aview Equities | N/A | Hotel |
Sales Deals of the Week reflect deals closed or announced from March 11 to March 15. Information on sales can be sent to editorial@commercialobserver.com.
138-10 135th Avenue, 291 Livingston Street, 459 Smith Street, 888 South Hope Street, 951 Olmstead Avenue, Multifamily, Urban Resource Institute, All Year Management, Aview Equities, CIM Group, Crowne Partners, FPA Multifamily, GFI Capital Resources Group, H&R Real Estate Investment Trust, Heights Advisors, Hello Living, Midas Hospitality
