PALO ALTO, CA - Multifamily owner-operator and investment manager Pacific Urban Investors acquired The Sierra, a 213-unit full-service apartment building on August 8th, 2023. The property has been renamed Sierra Chelsea to reflect its location in the highly desirable Chelsea neighborhood of Manhattan. This marks Pacific’s 12st acquisition on the East Coast, its first in New York City.
Sierra Chelsea is a 14-story building constructed in 2002 located on 15th Street between 6th and 7th Avenues, the Property is situated in one of Manhattan’s trendiest neighborhoods with an assortment of shopping, dining, museums, galleries, and parks located in close proximity. The Property is at the confluence of Chelsea and the West Village, midway between the Meatpacking District and Union Square Park, within walking distance of New York University, The New School, School of Visual Arts and Fashion Institute of Technology. The High Line, Little Island Park and the Whitney Museum are located four blocks West of the Property. Whole Foods and Trader Joes are also nearby. Sierra Chelsea’s ideal transportation centric location provides residents with easy access to five express stop subway stations within a three-block radius. In addition, the property is proximate to nearby tech employers such as Google, Microsoft, and Amazon.
Pacific Urban Investors is committed to preserving the distinctive character and identity of Sierra Chelsea while introducing new initiatives aimed at further enhancing the resident experience. The company plans to invest in modernizing the building’s amenities, including thoughtfully enhanced common areas for residents to connect and engage, and upgrading unit interiors.
“The acquisition of Sierra Chelsea gives Pacific the opportunity to own a high quality, well-maintained vintage asset with upside potential that offers residents generous floorplans, great light & air, a curated fitness center, plus a spacious landscaped roof deck with extraordinary city views, surrounded by great lifestyle amenities centered on Chelsea’s low-density neighborhood.” said Patrick Freydberg, Pacific’s Director of Investments, Northeast Region
Pacific’s President, Rory Gardner, commented “We are thrilled to obtain a position in this coveted Manhattan submarket with such notable employment density. Sierra Chelsea is a welcome complement to our growing East Coast portfolio, and we are actively seeking additional investments across all our strategies; including both direct acquisitions, as well as joint venture and preferred equity opportunities.”
About Pacific Urban Investors: The Palo Alto, CA-based company has over $8.0 Billion in assets under management and owns and manages a national portfolio of more than 20,000 units. Its East Coast portfolio is comprised of more than 3,200 units 12 communities located in Boston, Fairfield County, Westchester County, Northern New Jersey, New York City, Suburban Maryland, and Suburban Virginia. The firm and its partners have decades of experience in apartment investments repositioning multifamily assets and optimizing their income streams to their, core potential. Pacific is a best-in-class owner, operator, and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds and other sophisticated investors. Pacific is actively acquiring multifamily assets as a principal and providing both co-investment and preferred equity for development, acquisition, and recapitalization.