Home News RXR Puts Five Multifamily Assets on the Market – Commercial Observer

RXR Puts Five Multifamily Assets on the Market – Commercial Observer

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RXR has put up for sale five Class A condominiums. Commercial Observers can report first.

In addition to the sale of ownership, 555 ten When EVGB2 extel development Rental properties in which the company acquired shares last year — RXR sells 475 Clermont Fort Greene in Brooklyn. Harbor Landing at garvis point Glen Cove, New York.When Atlantic Station in Stamford, Connecticut.

cushman and wakefield When JLL I co-lead the marketing of the portfolio. Early pricing guidance could not be collected.

All buildings were constructed within the last 6 years and each are located in prime locations close to public transportation. Together, these buildings consist of 1,831 rental units, 83% of which are at market value and the majority are fully stable.

Most of the assets are under-market, fixed-rate financing and can be purchased individually or as part of a portfolio, according to sources familiar with the sale. In fact, last September, RXR refinanced his $143 million perpetual loan to 475 Clermont for 363 units. metlife.

A representative for RXR declined to comment.

475 Clermont. RXR

In an interview with CO in January, RXR announced a rebrand to mark the company’s 15th anniversary. Chairman and CEO Scott Rechler explained how the company entered its next stage of growthThis included expansion into new markets across the United States and across asset classes such as industrial, logistics, residential and hospitality.

Since its launch in 2020, RXR’s multi-family portfolio has grown by 85%, with over 11,400 units under management and development. Approximately 32% of the company’s multifamily residential portfolio is located outside New York City.

In 2021 alone, during the darkest period of the pandemic, RXR invested $2 billion in multifamily rental properties, growing its residential portfolio with more than 3,500 multifamily rental units and adding 2,100 units in the New York area. . at a time when several other investors were heading for the hills.

Its activities included the acquisition of a 42% stake in 555Ten. 555 10th Avenue — and EVGB — at 510 East 14th Street — From Extell Development.

In 2017, the firm began shifting its investment focus away from the office and into sectors with more attractive risk-adjusted returns.

Office deals once accounted for about 58% of the company’s activity, with residential deals (36%) and other assets accounting for the remaining 6%. Since 2017, RXR’s trading activity has shifted to approximately 64% residential, with offices accounting for only 4% (other assets account for the remaining 32% of trading).

That’s not to say the office department is on RXR’s bad list. Quite the opposite.Construction work is hard at the moment 175 Park Avenuecompleted the $1.3 billion refinancing of its 38-story office tower with a 1,575-foot skyscraper multi-purpose tower in Grand Central Terminal. 5 Times Square — despite the Haunted Forest, the current debt market.

To contact Kathy Cunningham: [email protected]

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