March 7, 2016
Greystar Real Estate Partners LLC, based in Charleston, SC, paid $336.6 million in separate transactions for two New York City multifamily properties.
The transactions mark the full investment of the $800 million Greystar Equity Partners VIII LP.
Greystar acquired the 204-unit Chelsea at 160 W. 24th St for $211.3 million from LaSalle Investment Management of Chicago. The buyer also paid Adam America Real Estate $125 million for a 169-unit multifamily property at 247 N 7th and 248 N. 8th in Brooklyn.
“These transactions represent a continuation of our value-add strategy to acquire well-located, institutional quality apartment communities in thriving markets and leveraging our fully-integrated platform to drive additional value at the asset level,” said Bob Faith, Greystar’s Chairman and CEO.