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Chetrit-Led Group Snaps Up 10K Apartments in 8 States
Roco Real Estate LLC, based in Bloomfield Hills, MI, has sold more than 10,000 apartments to a group led by New York City-based Joseph Chetrit, Crain’s Detroit Business reported. A source familiar with the deal said the Chetrit group paid more than $500 million.
Roco’s portfolio had climbed rapidly to 21,000 units since its founding in 2011. The sale to the Chetrit group of apartments in eight states across the Midwest, Northeast, Southeast and Southwest leaves it with around half that number, concentrated mainly in its home state of Michigan.
The publicity-shy Chetrit is known mainly as an office landlord. Along with high-profile towers in Manhattan, he also holds a minority stake in Chicago’s Willis Tower.
For Roco, “It was a smart move to get into the market coming out of the downturn and realizing their gains, selling at the top of the market,” Berkadia’s Kevin Dillon told Crain’s.
Pictured: University Courtyard Apartments in Tallahassee, which were included in the sale
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- ◦Sale/Acquisition
