Charleston, S.C.—In separate, unrelated transactions, Greystar Equity Partners VIII LP has acquired two New York City multifamily rental communities.
The aggregate purchase price was $336.3 million. The two transactions represent the full investment of the $800 million Greystar Equity Partners VIII LP, part of Greystar’s flagship, value-add fund series.
One of the acquired properties is The Chelsea, a 204-unit multifamily property in Manhattan’s Chelsea neighborhood, acquired for $211.3 million. The other is a 169-unit property in Brooklyn’s Williamsburg neighborhood, acquired for $125 million.
“We like the strong demographics and economic fundamentals supporting the New York City multifamily market,” Greystar Chairman and CEO Bob Faith said. “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.”
Located in one of New York City’s most highly-sought enclaves, The Chelsea is an 18-story building with 11,000 square feet of prime retail space on the ground floor and a 5,200-square-foot parking garage. A fitness center, media room, rooftop decks and resident lounge are among the amenities of the building. The building offers ready access to the New York City subway system.
Situated in upscale Williamsburg, 247 North 7th and 248 North 8th is among the newest apartment communities in a neighborhood known for terrific shopping, eateries and entertainment. Two rooftop decks, an 85-space parking garage, a fitness center and resident lounge are among the amenities of the building completed earlier this year.
Greystar will serve as the property manager for both communities. The company plans to reposition The Chelsea through strategic capital improvements and asset rebranding. At 248 North 8th, Greystar will call on its operational expertise to manage lease-up.
Charleston, S.C.-based Greystar, the nation’s largest apartment operator, manages more than 4,000 units in the New York City metro area, and more than 400,000 units globally. The company plans additional investment and management opportunities in the Tri-state area.