The Orbach Group has acquired a three-building New York City apartment portfolio, totaling 178 high-end rental units, for $70 million, from Dermot Company.
With these acquisitions, The Orbach Group now owns and manages approximately 700 units in a three-block radius on Manhattan’s Upper West Side, with plans to acquire additional properties.
The three newly acquired Upper West Side apartment buildings — 210, 220, and 230 West 107th Street known collectively as The Hamilton — are located between Amsterdam Avenue and Broadway, and include a mix of one, two and three bedroom units. Market rents will range between $2,400 and $5,000 per month.
“Manhattan’s Upper West Side is a vibrant community with high-quality, well-located rental units at a premium,” said Meyer Orbach, president of The Orbach Group. “These three properties are excellent additions to our portfolio, which we are growing through smart, strategic acquisitions. As with our existing assets, we expect that these new acquisitions will deliver a healthy, long-term return on our investment.”
Orbach said his firm has plans for a capital improvement program, including common area upgrades, and renovations of individual units, as needed.
Andrew Scandalios, of HFF, represented the seller, a joint venture between the Dermot Company and Henderson Global Investors. Orbach purchased the property free and clear of existing debt.
The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz and managing directors Jeff Julien and Kevin O’Hearn.