Farmington Hills, MI – (May 4, 2021) Friedman Real Estate in conjunction with its Multi-Family Management arm, Friedman Communities, proudly announces the successful disposition of a multi-state multi-family portfolio comprising 56 apartment communities on behalf of its esteemed New York based client. Seamlessly and successfully coordinating the sale and offboarding of this portfolio required a huge effort on the part of many people within Friedman, proving that when you have an exceptional team working together you can accomplish anything.
Friedman Communities successfully transitioned this portfolio from foreclosure and less than 72% occupancy to a highly stable 97% occupancy over a five-year period of time. In addition, through targeted marketing and capital improvement programs, market rents across the portfolio increased by an average of 34% during that same time. Friedman’s high touch management resulted in the portfolio maintaining a very high occupancy and collection rate during the pandemic, further solidifying this successful exit. We congratulate our client, the Chetrit Group, LLC and the purchaser, Harbor Group.
About Friedman Real Estate
As one of the largest privately-held full-service commercial real estate organizations in the nation, Friedman Real Estate provides clients with a single point of contact for the full range of Advisory, Property Management, Multi-Family, Brokerage and Construction services that it offers.
Friedman manages more than 140 commercial properties encompassing more than 16M SF and more than 22,000 apartment homes throughout the United States. Friedman’s brokerage team has over 800 current listings with $20 billion in closed transactions. As owners and managers of commercial property for over 30 years, Friedman understands what it takes to achieve results that maximize their clients’ objectives. Additional information is available at www.friedmanrealestate.com and on LinkedIn, Facebook, Instagram, YouTube, and Twitter.