Most valuable multifamily deals of 2019

It was anything but a banner year for large portfolio sales. Generally driven by big multifamily packages, the market took a big hit this year as investors sat on the sidelines while Albany hammered out new rent laws.

L+M Development and Invesco Real Estate inked the biggest deal last year with the acquisition of the Putnam Portfolio, five former Mitchell-Lama developments on Manhattan’s Roosevelt Island spanning 2,800 units. As part of the deal, the new buyers struck regulatory agreements with the city to return more than 1,800 of those units to long-term regulation. Altogether, the five biggest portfolio sales of 2019 totaled just $1.6 billion — less than half of the $3.4 billion tallied by the top five deals of 2018.

Top Portfolio sales in 2019

1Roosevelt Landings at 552 Main Street, River Crossing at 1940 First Avenue,
the Heritage at 1295 Fifth Avenue,
the Miles at 1990 Lexington Avenue,
the Parker at 1890 Lexington Avenue
$1.2BNovemberL+M Development Partners, InvescoBrookfield Asset Management, Urban AmericanCushman
& Wakefield
2Kestenbaum family portfolio (Rego Park)$129.5MNovemberA&E Real EstateKestenbaum familyB6 Real Estate Advisors
31561 East 13th Street,
2016 Avenue N,
900 Avenue H,
175-27 Wexford Terrace,
150 74th Street
$115MJanuaryParkoff OrganizationWeintraubMarcus
& Millichap
4140-60 Beech Avenue,
140-30 Ash Avenue,
140-50 Ash Avenue
$80MJuneZara RealtyIlias TheodoropoulosMeridian Investment Sales
52247-2484 Seventh Avenue,
204 West 133rd Street,
2247-2253, 2300-2310 Adam Clayton Powell Boulevard,
2252-2258 Adam Clayton Powell Boulevard
$76.3MJanuaryBlack Spruce ManagementE&M AssociatesWestwood Realty Associates