Home News Adam Neumann, Invictus Sell Connecticut Portfolio for $293M

Adam Neumann, Invictus Sell Connecticut Portfolio for $293M

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Adam Neumann on 515 West Avenue (Wikipedia, Realtor, iStock)

Adam Neumann’s latest reinvention Former WeWork with I’m doing real estate in the old fashioned way.

Commercial Observer reported that Neuman’s family office, 166 Second Financial Services, and Invictus RealEstate Partners have merged to sell their two Connecticut apartment complex portfolios for $ 293.5 million. Partners purchased Norwalk’s assets for $ 226 million less than two years ago.

The property is Berkeley / Quincy Loft on 515 West Avenue Waypoint and 30 Orchard Street. Beachwold Residential is the purchaser of transactions arranged by the Cushman & Wakefield team, including Adam Spies and Adam Doneger.

Invictus I picked up Waypointe In 2020, we purchased a 90% stake in Carmel Partners’ 464 unit complex at a price of $ 157 million. Invictus already owns a 10% stake. Opened in 2015, the two complex features 56,000 square feet of ground floor retail and restaurant space.

Berkeley Loft and Quincy Loft opened in 2017. Buildings one block away make a total of 198 units. They were purchased in February 2021 for $ 69 million.

The total asset purchase price of 662 units will be over $ 440,000 per unit.

Neuman’s entry into residential real estate Quietly shaped in recent years. In January, The Wall Street Journal reported that an entity affiliated with Neumann bought a majority stake in more than 4,000 apartments nationwide, primarily in the city of Sunbelt. The holdings are valued at over $ 1 billion.

Neuman is reportedly aiming to build a rental brand that makes heavy use of amenities for young renters.He could also have wanted something to depreciate so he could Offset taxes About his lucrative WeWork exit package.

Neumann was evacuated at WeWork after a series of tragic events that ruined his first shot at the IPO.As part of his acquisition, Neuman $ 245 Million Stock Reward Early last year. He also received $ 200 million in cash and a $ 432 million loan refinancing.

In November, New York-based Beachwold Over $ 53 million Acquisition funding for the purchase of Stanford’s Glenview House. The 146-unit apartment complex features a courtyard with a pool and barbecue area, a fitness center, a business center, and billiard rooms.

[CO] — — Holden Worther-Warner

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