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

$451,300,000

$98/SF

Building Size

4,600,000 SF

Asset Type

MultiFamily

Closing

Mar 30, 2026

AI

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>

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