Major Multifamily Deals
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
A $323.5 million Manhattan deal has altered the ownership structure of a 1,193-unit multifamily complex. Meanwhile, in Northern Virginia, a 267-unit apartment building has traded for $158.3 million in what is the first multifamily purchase for a Boston-based company.
Enjoying these stories on all things real estate? Unlock unlimited access to our content with a subscription.
— Tom Acitelli, Deputy Editor
Brookfield Exits 3333 Broadway in $324M Deal With Urban American and M Squared
Brookfield Properties has exited its position in the multifamily building at 3333 Broadway, after marketing the property for sale in the summer, Commercial Observer has learned. Urban American, Brookfield’s partner in the West Harlem investment, has now teamed with Alicia Glen’s M Squared and a consortium of lenders to fully acquire the 1,193-unit property for $323.5 million, sources said. Eastdil Secured’s Daniel Parker, Gary Phillips and Will Silverman negotiated the deal, which also acts as a recapitalization since Urban American has held a stake in the property since 2007. Built in 1975, 3333 Broadway comprises five connected high-rise buildings between West 133rd Street and West 135th Street. Roughly half of its units are affordable under the New York City Housing Authority’s Section 8 program.
Pembroke Pays $158M for NoVA Apartments in First U.S. Residential Acquisition
The multifamily market in Northern Virginia popped off in 2024 with deals regularly hitting nine figures, a trend continued by international real estate firm Pembroke in mid-December. The Boston-based company paid $158.3 million for just 267 units at Fitzroy, a new nine-story building at 3275 Washington Boulevard in Arlington, property records show. The sellers, Trammell Crow Residential and Shooshan Company, developed the now 96 percent occupied property in 2023. Berkadia’s Brian Crivella, Yalda Ghamarian and Bill Gribbin brokered the deal. "Supply is not keeping up with demand for high-quality residential properties in coveted neighborhoods in the world's most sophisticated cities,” Jack Clark, senior vice president and head of investments at Pembroke, said in a statement.
Enjoying these stories on all things real estate? Unlock unlimited access to our content with a subscription. And for a daily version of this newsletter, sign up here.