Landlord partnership Urban American and the City Investment Fund (a fund co-sponsored by Fisher Brothers and Morgan Stanley) recruited global real estate services provider Savills to help recapitalize its $938 million portfolio of 4,000 apartments.
Savills plans to raise $300 million from investors to drive down debt on the partnership’s purchases, the Wall Street Journal reported. Urban American and its partner are selling two large East Harlem apartment buildings included in the portfolio. The sale of the Heritage at East 111th Street and Metro North Riverview Apartments at 1960 First Avenue at East 101st Street together should fetch nearly $500 million, as previously reported. [WSJ] — Mark Maurer