The Orbach Group has made multiple apartment building acquisitions throughout New York City this year, totaling 481 rental units and multiple retail stores, for approximately $120 million.
With these acquisitions, The Orbach Group now owns more than 80 residential buildings on the Upper West Side, comprising approximately 1,800 rental units.
In the most recent transaction, The Orbach Group acquired a 12-building residential portfolio, including 153 rental units and 22 retail stores, for approximately $65 million, from Treetop Development.
The newly acquired Upper West Side apartment buildings are all located between 105th and 108th Streets between Amsterdam Avenue and Broadway, and include a mix of 1BR, 2BR, and 3BR units. Market rents will range between $2,000 and $4,000 per month.
The Orbach Group plans to undertake a capital improvement program for the newly acquired buildings, including common area upgrades, and renovations of individual units, as needed.
The firm also plans to gut renovate the retail units upon turn-over, and renovate common areas and building systems
Aaron Jungreis, of Rosewood Realty, represented the seller in the transaction.
The Orbach Group made other key residential rental investments earlier this year. In February, they acquired a six-building, 64-unit portfolio on 115th Street, for $16 million. And in January, they acquired a 264-unit portfolio in Brooklyn for $36 million.
“There continues to be intense renter demand for housing throughout New York City, with a premium placed on high-quality, well-located units,” said Meyer Orbach, president of The Orbach Group.
“We continue to grow our portfolio through smart, strategic acquisitions, and are confident that the residential properties we have purchased on the Upper West Side and Brooklyn will deliver a healthy, long-term return on our investment.”
With these latest acquisitions The Orbach Group now owns and manages approximately 2,000 New York City apartment units, and more than 5,500 units throughout its entire East Coast portfolio.