Aven Apartments (2025)
1120 S Grand Ave, Los Angeles, CA, 90015-2104, US
536 units
Description
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the fee simple sale of Riverbank (the “Property”) a 44-story multi-housing asset located at 560 West 43rd Street in the Midtown West neighborhood of Manhattan, New York. Riverbank’s 418 rental units are 100% fair market and the Property features nearly 18,000 square feet of retail as well as a below grade parking garage.
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Attributes
Units
418
Occupancy
97%
Year built
1987
Building area net
36,053 sm
Media
Investment highlights
- Extremely rare opportunity to acquire a 100% fair market asset at a value that is +/- 45% discount to replacement cost (assuming $1,400 PSF for new tower construction)
- Institutionally owned and managed for over 30 years
- Luxury apartment homes are well appointed with high end finishes, private balconies, and an extensive amenity package
- 90% of units have private balconies
- In place rents are 11% below the competitive set, representing a significant upside opportunity
- Blue chip resident demographic - Riverbank’s location and extensive amenity package attracts affluent, young residents whose average income is more than 2.75x higher than the New York City average
- Walkability to Hudson Yards – Riverbank residents are a short 12-minute walk to Manhattan’s leading employment hub (~19 million square feet of new Class A office space)
- Multifamily fundamentals projected to remain robust due to stifled residential construction pipeline and strong demand
- Dynamic waterfront neighborhood — Proximate to the Hudson River, and an array of shopping, dining, and recreational activities on the West Side
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Riverbank Apartments (0 Properties)
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Last updated
Apr 22, 2025
