Portfolio: Equity Investment Properties

Jones LES / 331 East Houston

HREV and an investment partner acquired an 8,000 square foot development site located in the Lower East Side neighborhood of Manhattan, during the second quarter of 2012. HREV co-sponsored the development of a 64,000 square foot, 78-unit multifamily residential rental building on the site. Marketed as “jones l.e.s.” (www.jonesles.com), the property offers a mix of studios, one, two, and three bedroom units. The building also offers amenities typical of Class A buildings, including 24-hour doorman service, a 2-floor resident lounge, bicycle storage, fitness center, a private courtyard at ground level, a landscaped roof deck, a barbecue area, and a movie screening area.

INVESTMENT TYPE:

Sponsor Equity

LOCATION:

Manhattan

ASSET CLASS:

Multifamily Residential Rental

STATUS:

Stabilized