Acquisition of the Thurcon
Acquisition of the Thurcon Portfolio
11 Manhattan Apartment Properties Fetch $280Mln
123 West 44th, Manhattan
July 17, 2002
NEW YORK – Greystar Real Estate Partners LLC in conjunction with Prime Realty, an affiliate of RA Property Holdings, has bought a portfolio of nine Manhattan apartment buildings from Thurcon Properties Inc. for about $240 million.
Separately, family-run Thurcon Properties sold two other properties for $40 million to Prime Manhattan Holdings LLC, which owns and manages about 7,000 units in New York City.
Greystar, a Charleston, S.C., real estate firm, bought nine-property, 1,031-unit portfolio on behalf of Columbia Multifamily Holdings LLC, a $400 million institutional real estate investment fund it runs.
The 11 properties will be managed and upgraded by Greystar Manhattan Management LLC, a joint venture between Greystar and Prime Realty and affiliate of RA Property Services, LLC
The nine Greystar buildings, which also include 60,000 square feet of commercial space, represent Greystone's first acquisition in New York. Greystar financed the purchase by putting Fannie Mae mortgages on each of the properties.
The Greystar portfolio consists of two buildings on the Upper East Side (1430 and 1438 Third Ave.), one in the Flatiron District (254 Park Ave. South), three in Gramercy Park (210, 220 and 321 E. 22nd St.), two in NoHo (298 and 304 Mulberry St.) and one property in Greenwich Village (184 Thompson St.).
"The acquisition of these properties represents Greystar's entrance into the highly-competitive Manhattan real estate market and immediately makes us one of the larger institutional owners of apartments in New York," said Robert Faith, managing partner of Greystar Real Estate Partners.
"We moved our investment advisory group to New York and opened our office here a little under a year ago. We intend to continue to grow our presence in the Metro New York area through additional acquisitions and third party property management assignments," Faith said.
Greystar Real Estate Partners LLC is a privately held full-service real estate firm that oversees more than 200 properties totaling more than 40,000 units.
The company, which has offices in more than 20 cities across the country, provides investment management, property management, development and general contracting services primarily for multifamily properties as well as other commercial properties.
Since the firm was founded in 1993, it has acquired almost $2 billion in assets throughout the United States through its sponsored investment funds. Greystar is developing more than $300 million of real estate and is actively seeking value-added multifamily investments for Columbia Multifamily Holdings.
