DALLAS, TX - Invesco Real Estate today announces it has acquired The Elektra, a 32-story apartment building in Manhattan's Gramercy neighborhood, on behalf of an institutional client. The building, built in 1992, has 166 residential units and 5,200 square feet of retail space and is located at 290 Third Avenue between 22nd and 23rd streets.
Source: Invesco Real Estate
"The acquisition of The Elektra exemplifies the top-quality assets we seek for our investors' portfolio," said Todd Bassen, senior acquisitions director, Invesco Real Estate. "We are very happy to add the Elektra, a rare find with both market rate units and market rate taxes, to our New York City portfolio. This is the first multi-family property we've owned in Manhattan since 2004 and it meets Invesco's objective of acquiring in top-performing markets."
Other assets owned by Invesco in Manhattan include The Brill Building, 100-104 5th Avenue and 512 Broadway.
Established in 1983, Invesco Real Estate manages $36.5 billion of real estate investments, which includes $13.1 billion in US direct real estate portfolios, $10.3 billion in non-US direct real estate, and $13.1 billion in real estate securities (as of December 31, 2010). With more than 310 employees in 16 offices worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for 23 years, contributing to the consistent implementation of Invesco's investment strategy and resulting performance.
Invesco Real Estate is a unit of Invesco Ltd., a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world.