Home Real Estate Invictus adds three new assets to portfolio

Invictus adds three new assets to portfolio

4

Invictus Property Advisors (“Invictus”) is pleased to announce our year-end closing of the Upper West Side Portfolio for $8,050,000.  The package consisted of three (3) landmarked multifamily assets located at 142 West 87th Street, 268 West 91st Street and 638 West End Avenue in the Central Park West Historic District and the West End Historic District.  There were a total of thirty-two (32) residential units of which eighteen (18) were free market with under-market “Covid-19” rents.  The purchaser plans on upgrading the units and condition of the buildings to generate rents in-line with market. 

142 West 87th Street

The purchase price represents a 4.75% cap rate, 11.3x GRM, $429/SF, and $251,562/Unit.  These metrics represent a cheap basis and a compelling entry-point into the prime Upper West Side submarket.  We expect the assets to stabilize at a much higher rate of return once the investors execute…

Click here for full article…rew-online.com