UDR Completes $325M Purchase
- Sep 01, 2011
New York—The Moinian Group has closed its sale of 95 Wall (formerly Dwell 95) to UDR Inc. The 507-unit property is located at 95 Wall St., the former corporate headquarters of JP Morgan. The $325 million sales price represents $641,025 per unit.
“This property is one of the true success stories of Downtown Manhattan over the past few years, and The Moinian Group is pleased to sell this outstanding asset to a company such as UDR that shares our long-term hold ownership strategy,” says Joseph Moinian, chief executive officer of The Moinian Group.
The 22-story property was converted into a condo-quality residential space in 2008. Community amenities include a 24-hour doorman and concierge service, fitness center, resident lounge, rooftop lounge, and on-site parking. The unit mix includes studio, one- and two-bedroom homes.
“We see significant value creation opportunities through the implementation of our stabilized operating platform as the building is still pre-stabilized following the complete renovation in 2008,” says Tom Toomey, president and chief executive officer at UDR Inc. “95 Wall provides a unique opportunity to further our presence in the Financial District, an area of Manhattan that we believe will continue to benefit from the redevelopment of the World Trade Center and surrounding areas.”
95 Wall is the second apartment conversion that UDR has acquired in the Financial District in the last year. In March the company purchased 10 Hanover Square, a 493-unit property that was the former headquarters of both Goldman Sachs and Kidder Peabody prior to a 2005 renovation.
Carrfour buys affordable housing community in Miami
Miami, Fla.—Carrfour Supportive Housing has used federal stimulus money to purchase a formerly distressed apartment complex in Miami. The company has plans to renovate and deliver 56 low-cost units in 2012. The community, Harvard House Apartments, was purchased with funds allocated through HUD’s Neighborhood Stabilization Program.
“Carrfour’s purchase of Harvard House is a prime example of how federal stimulus dollars allocated at the local level are improving communities,” says Stephanie Berman, director at Carrfour. “Had it not been for this purchase, the property would have likely fallen into foreclosure, only to sit idle. Now we are giving the complex a second life, and making a meaningful impact in the lives of individuals and families in search of an affordable place to call home.”
The $5.6 million budget includes the initial purchased price ($1.2 million), renovation and building costs ($3 million), and relocation, planning and permitting expenses ($1.4 million). The renovation will provide space for approximately 170 people.
NAI Tampa Bay closes multifamily development sites
Tampa, Fla.–NAI Tampa Bay announced the closing of two multifamily development sites located in Tampa, Fla.
The first site is located at 1515 S. Howard Avenue and consists of four separate parcels totaling 1.76 acres. The property is set for development of a senior housing project expected to break ground in the fourth quarter 2011. The asset traded for just over $1,900,000.
T. Sean Lance, managing director of NAI Tampa Bay, says: “This was an extremely unique opportunity for the buyer to acquire just under two acres in the highly desirable Hyde Park submarket. The site is located one block from Bayshore Boulevard and was previously planned for a condominium project which was never able to materialize before the real estate market crashed.”
The second site consists of two parcels totaling 0.51 acres and is located in the Channel District at 930 & 940 Channelside Drive, directly in front of The Place at Channelside condominiums. The site was purchased for $955,000 by the same group who bought 171 units in bulk at The Place in a bankruptcy auction nearly two years ago.
“The owners were able to acquire this site to provide much needed parking for the commercial space located at the ground floor of The Place in the short-term. Additionally, they now have the future development opportunity to add to the project as the site was previously planned for phase II of the condominium project with over 100 additional units.” states Lance.
John Burpee, CEO of NAI Tampa Bay adds, “NAI Tampa has been extremely active in selling quality development sites throughout Tampa Bay over the last 12 months with at least a half dozen more under negotiations and several new opportunities being marketed.
In the Channel District alone, this is the fourth site we have sold in the past year including the Related Group’s 5.8 acre site getting ready to break ground this quarter with their 370 unit luxury apartment project. Clearly, the tide has changed when it comes to multifamily development opportunities, however, buyers are much more selective and prices for many of these sites are trading at 50 percent-plus discounts to market highs.”
The seller of the first site was Stratford on Howard Development LLC, and the buyer was SHI Horizon Bay Memory Care LLC. The seller of the second site was Channelside Partners LC, and th buyer was Channelside Place LLC