Real Estate Private Equity Firm Acquired Properties in 2012 for $10.5 Million; Company Executed Successful Renovation Plan Within Two Years, Doubling Property Value
NEW YORK, July 21, 2014 /PRNewswire/ — Madison Realty Capital (MRC), an institutionally backed real estate private equity firm focused on real estate equity and debt investments in the middle markets, announced the sale of an uptown Manhattan real estate portfolio, comprised of several properties located at 528-538 West 159th Street, 220 West 149th street, and 2546-2548 7th Ave, to an undisclosed foreign buyer for $23.4 million. The portfolio collectively includes 125 apartment units and two retail stores.
Josh Zegen, Co-Founder and Managing Member of MRC, made the announcement.
MRC initially purchased the properties from a regional savings bank for $10.5 million in December 2012. Over the past two years, the company executed an aggressive business plan for each property which included renovating and maximizing the apartment unit layouts, enhancing the rent roll and leasing the retail portion.
"This sale illustrates our ability to once again maximize a property's value and generate investor interest by employing our vertically integrated platform," said Zegen. "Our comprehensive asset management capabilities enabled us to transform these properties quickly and enhance their appeal. Not surprisingly, demand was significant for the portfolio when we put it on the market and we were able to secure a deal that was a 'win-win' for both MRC and the buyer."
The brokers in this transaction were Yosef Katz and Roni Abudi from GFI Realty Services and Peter Von Der Ahe from Marcus Millichap.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate private equity firm and asset management company that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $2.5 billion of transactions in the multifamily, retail, office and industrial sectors.
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