A joint venture featuring a trio of prominent real estate companies took a break from the cold snap to snap up a large Staten Island apartment complex.
Arker Companies, L+M Development Partners and LIHC Investment Group acquired the Park Hill Apartments complex in three separate transactions for a total of $364.7 million, Crain’s reported. The seller was Delshah Capital, which owned the complex for more than two decades.
The deal for the 1,103-unit complex — addressed at 140-180, 185-225 and 240-280 Park Hill Avenue — breaks down to $330,000 per unit. The deal, which closed before the end of last year, was first reported by PincusCo.
Incoming ownership did not respond immediately to requests for comment from Crain’s.
The eight-building complex is federally subsidized, but has a sordid history of tenant complaints. In recent years, the city’s Department of Housing Preservation and Development racked up more than 2,000 complaints from the complex, including allegations of roaches and mice, as well as missing hot water and heat.
The incoming owners will renovate the complex with the help of both city and state funding. Updates will include upgrades to the lobby, elevator repairs, boiler replacements and changes to all of the units.
A couple of months ago, a joint venture led by Lisa Gomez’s L+M Development secured $278 million in construction financing, anchored by Goldman Sachs Alternatives’ Urban Investment Group, for the first residential phase of the Arverne East development in Far Rockaway, Queens.
The initial phase, Building D, will deliver 320 units (230 affordable rentals and 90 for ownership), kicking off a megaproject planned to bring 1,650 affordable apartments across 116 acres.
Last year, meanwhile, Delshah reached a deal to sell a distressed Meatpacking District building at 58-60 Ninth Avenue to BNF Capital for $21 million. The property, along with 69 Gansevoort Street, was placed in bankruptcy after a $28 million mortgage default.
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