NEW YORK CITY – Private equity investment firm Pebb Capital and TriArch Real Estate Group, a New York-based real estate investment and management firm, has sold The Alabama, a 175-bed, trophy student housing asset located at 15 E. 11th St. for an estimated $104 million.
Located on 11th street between Fifth Avenue and University Place in Greenwich Village, the historic pre-war building was acquired in October 2016 for $58 million. Alabama Flats LLC acquired it from the joint venture.
The property was completely gut-renovated. Over 50 bed-spaces were added to the building’s inventory, which opened its doors to students of New York University, The New School and the Cardozo School of Law in 2017.