Consists of five properties
Invesco Real Estate has signed a contract to buy an 80-percent stake in five of AvalonBay’s Manhattan rental properties based on an aggregate asset valuation of $760 million. The 1,301-unit portfolio also contains 58,000 square feet of retail space.
The portfolio… 515 West 52nd Street (between 10th and 11th Avenues), 11 East First Street (between Bowery and Second Avenue), and One Morningside Drive (near West 110th Street). The other two properties at 525 West 28th Street and 282 11th Avenue in West Chelsea are for leasehold interests.
Heard on the Street: AvalonBay’s Sean Breslin in a company statement: “The New York market is one of the nation’s weakest performers and that effective rent growth had been flat to modestly positive.” Wise time to lock in $460 million of net proceeds.