T
he Westover Companies has acquired a 13-property multifamily portfolio in Chelsea from Black Spruce Management for $94.5 million. Located on the west side of Chelsea between West 19th Street and West 29th Street, the 147-unit, 98,000-square-foot portfolio was purchased by the King of Prussia, Pennsylvania-based firm through a Marcus & Millichap team led by Joe Koicim and Logan Markley. The existing CMBS loan was assumed by Iron Hound Management's John Wood and Rob Verrone.

    Black Spruce had acquired the portfolio in 2016 for $80 million and refinanced it with a $75 million loan the following year. However, the firm decided to sell as it shifted its focus towards larger assets. Since the pandemic, Black Spruce has grown its portfolio to over 4,000 units, making it one of New York City's largest rental landlords.

    The deal marks Westover's expansion into a 14-property NYC portfolio and was attractive due to the assumable CMBS loan and tax benefits from closing in 2023.