Wednesday, December 16, 2015

488-Unit San Melia Apartments Sells for $84 Million

Area map - Does not account for condoed division of parcel

GE Asset Management purchased the San Melia Apartments on Monday for $84 million or $172,000 per unit, funded by a $46.2 million loan with Fannie Mae. The apartment complex is condoed, however the entirety of the project conveys in this transaction. Buyers assumed SRP "license" to use the area, as it sits over an extension of the Highline Canal.

Images are property of Vizzda

The San Melia Apartments consists of 488 units in sixty-four buildings built in 1998. Sixty-eight of these units were renovated in 2011. It is located south of the southeast corner of 48th Street and Ray Road, and includes one pool.


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1 comment:

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