Apartment REIT AIR Communities has sold an 11-building Manhattan apartment portfolio for $190 million.
The buyer was HUBB NYC, according to sources close to the transaction.
The portfolio consists of 361 units that span 209,100 s/f across the Upper West Side and Upper East Side of Manhattan. The largest properties in the portfolio include 181-199 Columbus (pictured top) 182-188 Columbus and 464-466 Amsterdam.
AIR Communities is $10 billion REIT formed by Apartment Investment & Management Company, or AIMCO, last year to manage multifamily investments while AIMCO focused on development and redevelopment of apartment communities.
AIMCO has owned the portfolio since 2007 when it bought it for $30 million, according to public records.
A team from Cushman & Wakefield that included Adam Spies, Adam Doneger, Doug Harmon, Josh King, Kevin Donner, Marcella Fasulo, Michael Collins, Meaghan Philbin and Monica Brendsel was marketing the assets. No comment from the brokerage on the sale.
