Summit Properties USA Acquires 5,150 Rent Stabilized Apartments From Pinnacle Properties For $451.3M

The transaction involves a multifamily asset in New York City comprising 5150 rent-stabilized apartments across 93 buildings. The sale was finalized for a total of $451,300,000, with a price per unit of $87,631 and a price per square foot of $98, covering a total of 4,600,000 square feet.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $451,300,000
• Buyer: Summit Properties USA
• Buyer Representative: Zohar Levy
• Seller: Pinnacle Properties / Flagstar Bank
• Seller's Representatives: Will Silverman, Daniel Parker, Gary Phillips, & Ephraim Diamond - Eastdil Secured
• Units: 5150
• Square Feet: 4,600,000
• Price per Unit: $87,631
• Price per Square Foot: $98

eastdil secured acted as the exclusive advisor during bankruptcy process to facilitate sale of portfolio. this deal marks largest portfolio trade since stuytown and was court approved in january before its closure on march>