Avalon Morningside

December 20, 2018 Comments Off on AvalonBay Closes on Sale of $760M Portfolio Views: 2599 New York News, Top New York

AvalonBay Closes on Sale of $760M Portfolio

AvalonBay Communities (AVB) has completed the sale of its 80% interest in five Manhattan properties to a newly-formed joint venture with an institutional client of Invesco Real Estate. The portfolio is valued at $760 million.

The sale involves Avalon Morningside Park (pictured), Avalon Bowery Place I and II, Avalon West Chelsea and AVA High Line. AVB retained a 20% interest, and will act as managing member of the venture and property manager.

In connection with the transaction, the JV originated approximately $396 million of secured financing at a weighted average interest rate of 3.9%. AVB repaid about $194 million of debt, and realized net proceeds of approximately $470 million.

Cushman & Wakefield advised AVB. When the deal was first announced, AVB CIO Matt Birenbaum said it “brings us closer to achieving our long-term geographic portfolio allocation goals, and allows us to maintain our brand and operating presence in Manhattan.”

Read more at BusinessWire

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