N.Y.C. multifamily portfolio sells for $246 million

The Orbach Group has completed a two-part transaction in New York City. In the transaction’s first phase, Orbach acquired a 33-building apartment portfolio, totaling 1,031 high-end rental units, for $246 million from a joint venture of Heritage Real Estate Partners and Dune Capital. In the second phase, Orbach then sold off 11 of those buildings, totaling 499 units, to two private buyers for approximately $100 million.

Having netted 22 buildings totaling 532 units from this latest transaction and adding them to the firm’s existing portfolio, Orbach now owns and manages 54 buildings in Columbia South between 101st Street and 114th Street alone, with plans to acquire additional properties. Orbach owns and manages more than 1,500 apartment units in New York City, and more than 5,500 units throughout its entire East Coast portfolio.