Greystar Real Estate Partners, a South Carolina developer and manager of rental housing properties, has acquired two New York City multifamily properties in separate deals for a total purchase price of $336.3 million.
In one transaction, Greystar acquired The Chelsea, a 204-unit multifamily property located at 160 West 24th Street in the Chelsea neighborhood of Manhattan, for $211.3 million. In the other, Greystar acquired a 169-unit multifamily property comprised of two buildings located at 247 North 7th and 248 North 8th Streets in the Williamsburg neighborhood of Brooklyn for $125 million.
“We like the strong demographic and economic fundamentals supporting the New York City multifamily market,” said Bob Faith, Chairman and CEO of Greystar. “These transactions represent a continuation of our value-add strategy to acquire well-located, institutional quality apartment communities in thriving markets and leveraging our fully-integrated platform to drive additional value at the asset level.”
The two transactions mark the full investment of Greystar Equity Partners VIII, L.P., an $800 million vehicle that is part of Greystar’s flagship, value-add fund series.
Situated on the corner of 7th Avenue, The Chelsea rests in the heart of one of Manhattan’s most coveted neighborhoods and offers easy access to the New York City subway system. The 18-story property features a variety of different floor plans and includes a 5,200 square foot parking garage and 11,000 square feet of prime retail space on the ground floor. Amenities include a fitness center, media room, two rooftop decks and a resident lounge. Greystar will serve as property manager and plans to reposition the asset through comprehensive community upgrades including strategic capital improvements and asset rebranding.
Located between Roebling and Havemeyer Streets, 247 North 7th and 248 North 8th is one of the newest apartment communities in trendy Williamsburg, which boasts a vibrant social scene with great shopping, restaurants and nightlife. The property, which was completed earlier this year, features an 85-space parking garage, two rooftop decks, a fitness center and resident lounge. Greystar will serve as property manager for the community and leverage its significant operational expertise to manage the lease-up of 248 North 8th.
As the nation’s largest apartment operator, Greystar currently manages more than 4,000 units in the New York City metro area and over 400,000 units globally. Greystar will continue to leverage its local market expertise and deep industry relationships to identify additional attractive investments and management opportunities throughout the Tri-state area.