Real estate investor buys apartment portfolio for $1b
Brookfield Property Partners has acquired a five-property apartment portfolio. The sales price was $1 billion. The seller was a joint venture between Urban American Management Corp., City Investment Fund and Fannie Mae. The apartment complexes are located in Manhattan’s submarkets of Midtown East and Upper Manhattan. It totals 3,962 units. The largest apartment complex is the 1,193-unit Riverside Park Community at 3333 Broadway. With a sales price of $198.7 million, it is the second highest priced complex in the portfolio. The highest priced apartment property was the 1,003-unit Roosevelt Landings at 510 Main St., which sold for $507.3 million. The other complexes include the 761-unit River Crossing, 600-unit Heritage and 405-unit The Miles at Lexington Heights.