Summit Properties Acquires Multifamily Portfolio From Joel Wiener Of Pinnacle Group For $451.3M

The asset involved in this transaction is a multifamily portfolio located in New York City, consisting of 5,100 rent-stabilized apartments distributed across 90 buildings. The sale price for this portfolio was $451,300,000, resulting in a price per unit of $88,490.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $451,300,000
• Units: 5,100
• Buyer: Summit Properties
• Seller: Joel Wiener - Pinnacle Group
• Market: New York City

Summit Properties emerged victorious in an auction, acquiring the properties from the bankrupt Pinnacle Group, which had faced long-standing tenant complaints. Joel Wiener represented Pinnacle Group in this transaction.