Acuity Capital Partners, a Chicago-based private investment firm, has bought six buildings in Upper Manhattan as part of a portfolio containing 102 apartments and 21 retail spaces.
The buildings in the portfolio include: 1697-1707 Amsterdam Avenue in Hamilton Heights, 2500-2504 Adam Clayton Powell Blvd in Harlem and 2090-2092 Amsterdam Avenue in Washington Heights, which is within a few blocks of Columbia Medical Center.
“All the properties have tremendous upside in the rents and many of the apartments have preferential rents which the new owners can capitalize on the first few years,” said Peter Vanderpool, the president of Cignature Realty Associates. The entire portfolio sold for 12.88 times the current rent roll.
Vanderpool and Cignature Realty’s CEO Lazer Sternhell represented both the buyer and the seller, a local real estate investor.