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Philly-Based Westover Enters Manhattan Multifamily Market with East Village Acquisition
Philadelphia-based apartment property owner/manager Westover Companies has made its first investment foray into Manhattan, acquiring The Nathaniel in the East Village. Westover reportedly paid $57 million to acquire The Nathaniel from the Wafra Group, which had plunked down $98.3 million for the multifamily property at 138 E. 12th St. in 2015.
JLL Capital Markets arranged $26.85 million of acquisition financing on Westover’s behalf for the mixed-use property, which also includes an 18,000-square-foot Westside Market grocery store along with 85 market-rate apartments. JLL senior managing directors Steven Klein and Jamie Leachman, VP Christopher Pratt and analyst Sean O’Brien represented Westover.
Klein said, “The Nathaniel is a Class A asset in a highly desirable location with excellent access to transportation generators and amenities. As a long-term generational holder, Westover will benefit from these attributes and the asset will continue to perform well for many years to come.”
- ◦Sale/Acquisition
