Collegium Capital, Rockwood Capital and TriArch Real Estate Group have acquired The Alabama, a Greenwich Village apartment building. The seller is Yeshiva University. The price of the transaction is $58 million. Since 1997, Yeshiva’s Benjamin Cardozo School of Law has used The Alabama for student housing.
NEW YORK, Nov. 8, 2016 /PRNewswire/ — Collegium Capital, a subsidiary of Pebb Capital, through a joint venture with Rockwood Capital, and TriArch Real Estate Group, announced today the acquisition of 98 apartment units at 13-19 E. 11th Street in New York, NY from Yeshiva University for $58.0 million.
Located in a building known as The Alabama – one block from Yeshiva’s Benjamin Cardozo School of Law (“Cardozo”) on an idyllic block of 11th Street between 5th Avenue and University Place – the units have primarily housed Cardozo students since 1997.
The new owners plan to substantially renovate the units and common areas of the building to add amenities such as a fitness center, study lounge, coffee bar, conference rooms and green space.
“We are thrilled to be teaming up with our partners Rockwood and TriArch on this unique transaction,” said Collegium Managing Director, Todd Benson. “While the student housing sector has continued to evolve over the last decade across the country, student housing in NYC hasn’t kept up with industry trends or the demand from the tens of thousands of students seeking housing in the city. We hope that this project is our first of many geared towards revolutionizing how millennials live, work and play in urban university markets.”
“Cardozo Law School and Yeshiva University worked very hard to find the right buyer for the Alabama, and we could not be more pleased. Collegium will conduct a top-to-bottom renovation and will lease apartments to Cardozo law students starting in the fall of 2017,” said Cardozo Dean Melanie Leslie. “The fact that the co-owner of Collegium, Todd Rosenberg, is a Cardozo graduate makes us doubly certain that Cardozo’s housing options will be extremely attractive to students from around the country who want to live and study in the heart of Manhattan.”
About Collegium Capital Partners LLC
Collegium Capital Partners LLC, a subsidiary of Pebb Capital, is a specialized owner / operator of student housing assets nationwide. Collegium was formed by a group of experienced real estate professionals to capitalize on the attractive fundamentals of the student housing sector. Collegium targets existing, institutional-quality, purpose-built student housing and convertible multifamily properties throughout the United States. The Collegium team has over 70 years of collective real estate experience dating back to the 1970’s.
About Rockwood Capital, LLC
Rockwood Capital, LLC is a real estate investment management firm, founded in 1995 that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Rockwood and its principals have invested on behalf of their clients approximately $22.6 billion of real estate through ten value-add vehicles and six separate accounts. Today, Rockwood is an 80-person real estate investment firm with offices in New York, NY, San Francisco, CA, Los Angeles, CA, and Seoul, Korea that manages a portfolio of approximately $3.5 billion of net equity value in approximately $9.0 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices.
About TriArch Real Estate Group, LLC
TriArch Real Estate Group, LLC is a full service real estate investment and management company located in New York City. The firm specializes in the acquisition and management of multi-family and mixed-use properties and provides investors a platform for investing in New York City real estate. Christopher DeAngelis is the managing principal of the Company. With more than a decade of experience, Mr. DeAngelis’ real estate experience spans residential development, commercial office leasing, and value-add multifamily and mixed-use investing since he started in the business in 2003.
North River Investors LLC acted as a strategic partner alongside TriArch on this transaction.
About Cardozo School of Law:
Cardozo School of Law provides a world-class legal education in the heart of Manhattan that encourages creative thinking in all fields of law. The birthplace of the Innocence Project, The Center for Real Estate Law and Policy, and the FAME Center for fashion, arts, media and entertainment law, Cardozo produces lawyers with a deep understanding of legal theory, and the business skills and ethical values to be ready for practice.