King of Prussia-based Westover recently purchased a multifamily real estate portfolio in New York for $94.5 million from Black Spruce Management, writes Paul Schwedelson for the Philadelphia Business Journal.
The 98,000-square-foot, 147-unit portfolio consists of 13 properties in Manhattan’s Chelsea neighborhood, between West 19th and West 29th streets. The properties average five stories.
The acquisition totals around $643,000 per unit and $965 per square foot.
Marcus & Millichap’s Joe Koicim, who represented the New York-based Black Spruce Management in the sale, noted that “portfolios of this nature rarely trade in New York.”
The acquisition is Westover’s latest move into New York. Two years ago, the company purchased The Nathaniel in the East Village neighborhood, an 85-unit apartment building that comes complete with an 18,000-square-foot grocery store for $57 million.
Overall, the Montgomery County firm owns 70 properties that total 15,000 apartments in the Philadelphia suburbs, New York, New Jersey, Delaware, Maryland, and Florida. In 2022, Westover has also finalized the $30 million redevelopment of an office building in Wilmington, Delaware, into 82 apartments.
Westover’s President Gunti Weissenberger recently became a minority owner of the Philadelphia Phillies.
Read more about Westover in the Philadelphia Business Journal.
