New York City — A joint venture between Pebb Capital and TriArch Real Estate Group has sold The Alabama, a 175-bed student housing community located at 15 E. 11th St. in New York City’s Greenwich Village neighborhood, for $104 million. The buyer in the transaction was undisclosed.
The property serves students attending Cardozo Law School, The New School and New York University in lower Manhattan. The Alabama was acquired by the partnership for $58 million in October 2016 and underwent large-scale renovations.
The community offers fully furnished units with shared amenities including an attended lobby, a fitness center, 24-hour business center, study and conference rooms, a 24-hour coffee bar, resident lounge and Hub by Amazon package lockers.
“We designed The Alabama to provide a strong value proposition and sense of community to local students and young professionals in the form of turnkey, furnished units in a fully-amenitized building with immediate proximity to campus and unparalleled train access,” says James Jago, principal at Pebb Capital. “We’re thrilled to see our vision realized for this iconic asset and our economic thesis proven for our partners as we continue to execute opportunistic business plans in an evolving market.”