Invesco Real Estate is continuing its active streak in New York by taking a majority stake in a large multifamily portfolio.
The Texas-based investment adviser is under contract to buy an 80% stake in five Manhattan apartment buildings for $760M, The Real Deal reports. AvalonBay Communities owns the portfolio, and the Arlington, Virginia-based apartment REIT enlisted Cushman & Wakefield's ace team led by Doug Harmon and Adam Spies to sell the stake.
The largest property in the 1,300-unit portfolio is the 405-unit AVA High Line at 525 West 28th St. The other buildings trading are Avalon West Chelsea at 282 11th Ave., Bowery 1 at 11 East First St., Bowery 2 at 22 East First St. and Avalon Morningside Park near West 110th St., according to TRD.
Along with the apartments, Invesco will take majority ownership of the 58K SF of combined retail space on the ground floor of the five buildings.
While multifamily sales have dipped in the past few years after the watershed investment frenzy of 2014 and 2015, they have enjoyed a recent comeback. A building in Queens is under contract for nearly $300M and Extell Development is marketing its Hudson Yards rental skyscraper for close to $800M.
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