December 12, 2016
Castellan Real Estate Partners sold a six-story, 84-unit apartment building in the Washington Heights area of New York City for $18.2 million. The sales price was just about three times higher than the $6.3 million Castellan paid for the asset in 2010.
Joint venture partners Urban American and Dixon Advisory acquired the building at 515 W. 168th St. Robert Shapiro and Clint Olsen with Cushman & Wakefield brokered the transaction. The property is 40,185 square feet, and consists primarily of one-bedroom apartments and studios. The average rent is $1,491.
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