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Real Estate Journal, Aug 2-8, 2005
Hakim sells portfolio consisting of seven apartment buildings and six retail stores
Malone of Georgia Malone & Co. reps. AIMCO in purchase of portfolio for $30m
MANHATTAN, NY Apartment Investment and Management
Company (AIMCO), a real estate investment trust (REIT) has purchased a
portfolio of four properties, consisting of seven pre-war apartment
buildings and six retail stores.
AIMCO purchased the properties off-the-market for $30 million from real
estate owner Kamran Hakim.
The seven five-story walkups are located at: 1582 First Ave. (between
82nd and 83rd Sts.), 322-324 East 61st St. (between First and Second
Aves.), 237-239 Ninth Ave. (between 24th and 25th Sts.), and 514-516
East 88 St. (between East End and York Aves.) All seven properties in
the portfolio were built between 1900 and 1920, and are 100% occupied.
The First Ave. and Ninth Ave. properties are mixed-use, consisting of
both residential units and retail spaces.
"Two-thirds of the 122 apartments are rent regulated, and the remaining
42 units are being rented at market rates, which offers great upside
value for AIMCO," said Harry Alcock, chief investment officer at AIMCO.
"These properties are fitting adjunct to our portfolios on the Upper
East and Upper West Sides," said Alcock.
AIMCO is one of the first apartment REITs to have entered the New York
City market by purchasing existing apartment buildings. Including this
latest acquisition, AIMCO has purchased 30 residential-based properties
throughout Manhattan since August 2003.
"We anticipate the strong market in New York will continue to provide
excellent opportunities for AIMCO," said Alcock.
Georgia Malone, president of Georgia Malone & Co., represented AIMCO in
the transaction.
Copyright REJ, 2005 | |
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Copyright, Georgia Malone & Company. Inc.