The Westover Companies Purchases Chelsea Multifamily Portfolio From Black Spruce Management For $94.5M

The Chelsea Collection, a multifamily portfolio consisting of 13 buildings, was sold for $94,500,000. The properties are located at 307 West 29th Street, 309 West 29th Street, 310 West 22nd Street, 313 West 29th Street, 339 West 19th Street, 341 West 19th Street, 348 West 21st Street, 416 West 23rd Street, 431 West 22nd Street, 454 West 22nd Street, 456 West 22nd Street, 466 West 23rd Street, and 326 West 23rd Street. This portfolio included 147 units, with a price per unit of $642,857 and a total square footage of 98,749, reflecting a price per square foot of $956. The transaction occurred in the Chelsea market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $94,500,000
• Units: 147
• Price per Unit: $642,857
• Total Square Feet: 98,749
• Price per Square Foot: $956
• Buyer: The Westover Companies
• Seller: Black Spruce Management
• Brokers: Joseph Koicim (Joey1Cap), Logan Markley, Chris Dintrone, Korg Barbanel - Marcus & Millichap
• Assumable Debt: $75,000,000
• Market: Chelsea

The New York Multifamily group facilitated this transaction, marking their fourth large portfolio deal with assumable debt in the past year. They highlighted the completion of approximately half a billion dollars in multifamily sales throughout the year. For further discussion or complimentary property analysis, Joe Koicim can be contacted directly at 212-430-5147 or via email at [email protected].