MULTIFAMILY MONDAY: EQUITY RESIDENTIAL'S $280M INTEREST IN NYC
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|Sam Zell's money men have bought 301 luxury Chelsea apartments (does Chelsea have any other kind?) called The Beatrice from developers JD Carlisle and DLJ Real Estate Capital Partners.|
|DLJ's Jason Altberger and Andy Rifkin tell us fund investors like their firm always have an exit strategy (much like movie theaters) based on developing high-quality properties that will attract long-term investors, but the exuberant multifamily market sped up the process this time around. The apartments take up the top 29 floors of 105 W 29th St, and the DLJ duo say there have been discussions about the sale of the remaining 25 floors (Eventi Hotel and a 529-space parking garage), though no deal is imminent. The JV is also developing 324 units at 158 Madison in Murray Hill to deliver by early 2015. Equity Residential's new pads (they're already up on EQR's site, where one-bedrooms are renting for over $5,000) got their name from JD Carlisle, headed by Jules Demchick and Evan Stein: Evan's grandmother, Beatrice, passed away while the building was being developed.|