Calif. pension fund pays $400M for UWS apartment portfolio

April 19, 2013 09:30AM

The California Public Employees’ Retirement System paid about $400 million for a 345-apartment portfolio in two adjacent Manhattan towers to a partnership including the Carlyle Group, Bloomberg News reported.

The deal included 136 units in the Aldyn at 60 Riverside Boulevard and the 209-unit Ashley at 400 West 63rd Street, according to a statement sent to Bloomberg News by HFF, the broker on the sale. The Sacramento-based Calpers made the purchase through GID Investment Advisers, its residential real estate transactions manager. The deal includes a 230-space garage and 52,000 square feet of retail space, according to a Bloomberg News source familiar with the transaction. 

On a per-unit basis, it was the most expensive deal for more than 100 units on the Upper West Side since the 2007 purchase of the Apthorp, according to data from New York-based research firm Real Capital Analytics provided to Bloomberg News.

As rents hit rose at their fastest pace in six months to a median of $3,195 per month and vacancy rates hitting a two-year low at 1.46 percent, investors are increasingly looking to boost their rental portfolios. [Bloomberg News] –Hiten Samtani