Among New York City’s leading real estate investment firms, Castellan Real Estate Partners continues to focus on quality in the acquisition, development, and management of residential rental properties. The vertically integrated company has acquired some $750 million in both debt and equity real estate transactions. In its purchases, Castellan Real Estate Partners looks for properties with high potential to earn significant returns on investment.
In March 2017, the company realized the $23 million sale of a highly desirable multi-family housing complex in Harlem. It had acquired the property for $11.1 million in 2013, with the transaction with buyer Aulder Capital thus more than doubling the purchase price.
The five-building, 100-unit, fully occupied Harlem property is situated on West 146th Street, between Seventh Avenue and Frederick Douglass Boulevard. It consists of one- and two-bedroom apartments and is rent-stabilized.
The historic neighborhood of Harlem continues to develop and thrive, with many older and historic buildings undergoing 21st century renovations. Residential complexes with smaller units, such as the one on West 146th Street, tend to attract younger and more mobile renters. As these tenants move on, owners are able to remodel and charge market rent in keeping with those renovations.
Staffed by a team of dedicated and skilled professionals who possess a deep understanding of the market, Castellan Real Estate Partners has invested in $750 million worth of debt and equity transactions since 2009. Castellan Real Estate Partners understands the importance of investing in its own properties, as reflected in its decision to partner with Harlem Community Development Corporation to install solar panels on the roof of a portfolio property on West 141st Street.
Installing solar panels on a residential building has a number of benefits, perhaps the most obvious of which is the savings on electricity bills. Depending on the energy needs of the building and the number of panels installed, electricity bills could be altogether eliminated, or at least significantly lowered. Outside of the energy savings, solar panels can significantly increase the value of a property. Lowered or nonexistent energy bills are a major selling point when the property goes on the market.
Individuals should also think about the environmental benefits of installing solar panels. Electricity use generates a great deal of carbon dioxide, and solar energy is much cleaner. In addition, the installation of solar panels reduces reliance on foreign and/or nonrenewable sources of energy.
From its headquarters in New York City, New York, Castellan Real Estate Partners oversees an extensive property portfolio and has invested in approximately $750 million of debt and equity real estate transactions since its founding in 2009. Castellan Real Estate Partners operates multiple internal platforms covering equity investments, lending, and property construction, development, and management. Employing a team of 20 construction and investment professionals, bolstered by support from an additional 60 team members, the firm leverages this extensive experience and expertise to maintain its disciplined approach to property investment and oversight.
Further, the firm has committed to installing energy efficient measures across its portfolio and has worked with organizations including the Northern Manhattan Improvement Corporation, and the Community Environmental Center in Brooklyn to make improvements to its properties. In doing so, it meets its dual aim of achieving improving property performance, while ensuring tenants receive high standards of service in relation to property management and maintenance.
At the core of the Castellan Real Estate Partners’ real estate investment philosophy is a strong emphasis on discipline, giving it a competitive edge over other firms. Castellan specializes in retail and residential properties that have yet to reach their full potential, focusing on asset management and sound capital investment strategies so they reach their true value under the company’s stewardship.
A recent example of this is the trio of Washington Heights residential apartment buildings that Castellan Real Estate Partners sold to Guardian Realty Management in July 2016. The portfolio includes a 17,965-square-foot property on West 184th Street, which has 20 apartments; a 21,675-square-foot on Wadsworth Avenue between West 189th and West 190th Streets, which has 25 units; and a 15,141-square-foot building on Fairview Avenue between Broadway and Broadway Terrace, which is comprised of 24 apartments. The pre-war buildings were built between 1920 and 1928. Originally purchased for $7.6 million between 2012 and 2013, the three buildings, located within 10 blocks of each other, house 69 apartments between them and sold for a total of $15.4 million.