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Invesco buying 80% stake in $760M AvalonBay portfolio
Five Manhattan buildings hold a total of 1,300 multifamily units
Invesco Real Estate signed a contract to buy majority stake in a portfolio of multifamily buildings owned by AvalonBay Communities, valuing the properties at $760 million.
Invesco signed a contract Thursday to buy an 80-percent stake in five Manhattan rental buildings with a combined 1,300 residential units and 58,000 square feet of retail, sources told The Real Deal.
Representatives for Invesco and AvalonBay could not be immediately reached. Real Estate Alert first reported the two sides were in talks last week.
A Cushman & Wakefield team led by Doug Harmon and Adam Spies is brokering the sale on behalf of AvalonBay. The brokers could not be reached for comment.
Two of the buildings are in West Chelsea: The 405-unit AVA High Line at 525 West 28th Street and the 305-unit Avalon West Chelsea at 282 Eleventh Avenue. Two are in the East Village: the 206-unit Bowery 1 at 11 East 1st Street and the 90-unit Bowery 2 at 22 East 1st Street.
And the final building is the 295-unit Avalon Morningside Park near West 110th Street. AvalonBay bought the fee interest in the building last year for $95 million, which was one of the largest deals in Upper Manhattan for 2017.