CBRE’s investment arm bought an apartment building in Chelsea for $245 million.
CBRE Investment Management bought the 18-story building at 160 West 24th Street from Greystar Real Estate Partners, The Real Deal has learned.
The purchase price works out to $1.2 million per unit for the 204-unit, free-market building.
A representative for Greystar declined to comment and a spokesperson for CBRE IM could not be immediately reachedt. Greystar is staying on as the manager of the building, which the Charleston-based fund manager put on the market in the fall with Eastdil Secured.
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Greystar, led by CEO Bob Faith, bought the 1989 building in 2016 for $211.3 million and renovated large parts of the property, including the lobby, a new amenity space and 70 percent of the apartments. CBRE’s investment arm, meanwhile, has been active — particularly in the last-mile logistics space. The company last month signed a deal to buy an Amazon-leased warehouse in Red Hook for $330 million.
The deal marked the $147 billion investment fund’s second major purchase of an Amazon-leased facility in Brooklyn this year. The firm paid $230 million in April for a pair of East New York warehouses operated by the e-commerce giant.