Madison Realty forms JV with USAA Real Estate

Madison Realty Capital has formed a joint venture with USAA Real Estate Co. for the acquisition of The Buchanan located at 160 E. 48th St. in Midtown Manhattan.

IREN reported the acquisition in December. At the time, Madison Realty was seeking a joint venture partner for the acquisition. The sales price was not disclosed; however, Real Capital Analytics lists the sales price to be $270 million.

The 16-story, 300,000-square-foot mixed-use property comprises five interconnected mid-rise towers, which surround a garden courtyard, and contains 289 apartment units and approximately 16,000 square feet of retail and office space. The property also contains nearly 140,000 square feet of excess air rights.

The partnership plans to initiate a comprehensive capital improvement program geare