NEW YORK—Englewood Cliffs, N.J.-based The Orbach Group has acquired two portfolios across New York City and Pennsylvania totaling 635 rental apartment units for a purchase price of $70 million.
In New York City, the company purchased a six-building, 105-unit Manhattan portfolio for $30 million. Five of the buildings are located on Amsterdam Avenue between 105th and 108th avenues, which the sixth building is located at Cathedral Parkway. The portfolio included six retail stores, including tenants Dunkin Donuts, Dominos Pizza and Subway, among others.
In Pennsylvania, The Orbach Group purchased a 527-unit portfolio for $40 million, which includes a 352-unit apartment complex in Bensalem and a 175-unit complex in Norristown. Both complexes include housing assistance payment contracts.
The company has begun a capital improvement program for each of the newly acquired buildings, including new elevators, lobbies, and exteriors, as well and individual unit upgrades.