AvalonBay Eyes NYC’s Upper West Side

AvalonBay buys a development site in New York; and Toronto's Milestone Apartments REIT completes a $40 million Orlando acquisition.
1865 Broadway

1865 Broadway, via Google Maps.

New York—AvalonBay Communities Inc. has snapped up a 22,500-square-foot site at 1865 Broadway for $300 million from American Bible Society. The parcel sits at the corner of West 61st Street, and is zoned for a 300,000-square-foot residential and retail tower. Construction is expected to begin in late 2016, as American Bible Society has a lease until the 3rd quarter of 2015.

While the REIT’s exact plans are not yet known, AvalonBay said that it might enter a joint venture or forward sale agreement for the retail component. The asset sits within two blocks of Columbus Circle, Lincoln Center and Central Park.

Milestone closes $40M Orlando acquisition

Orlando, Fla.—Toronto’s Milestone Apartments Real Estate Investment Trust has entered an agreement to acquire Heritage on Millenia, a 303-unit, Class A asset located in Orlando, Fla. The purchase price was $40 million, representing an estimated year one capitalization rate of 6.4 percent.

Heritage was built in 2006 and is currently 96 percent occupied with average monthly rents of approximately $1,100. The asset is located in the southwest area of the city, directly adjacent to the Mall at Millenia, a 1.1 million-square-foot center. Amenities at the apartment community include a resort-style pool and children’s playground.