{"id":1004049823,"date":"2012-11-13T07:15:40","date_gmt":"2012-11-13T15:15:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004049823"},"modified":"2022-12-07T22:51:18","modified_gmt":"2022-12-08T06:51:18","slug":"orbach-group-acquires-manhattan-pennsylvania-m-f-buildings-for-70m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/orbach-group-acquires-manhattan-pennsylvania-m-f-buildings-for-70m\/","title":{"rendered":"Orbach Group Acquires Manhattan, Pennsylvania M-F Buildings for $70M"},"content":{"rendered":"

\u00a0By Keith Loria, Contributing Editor<\/em><\/p>\n

\"\"<\/a>

Meyer Orbach, president<\/p><\/div>\n

The Orbach Group acquired two portfolios totaling 635 rental apartment units across New York City and Pennsylvania for $70 million, increasing its multi-family holdings to more than 5,000 total units.<\/p>\n

\u201cWe are always in the market looking for deals and we\u2019ve been buying buildings every year for the last 10 or 11 years,\u201d Meyer Orbach, The Orbach Group\u2019s president, told Commercial Property Executive<\/em>. \u201cWe\u2019re a family business and don\u2019t need to justify returns to any investors and are looking to buy good stuff in good areas and can afford to wait to receive our return.\u201d<\/p>\n

In one transaction, the company purchased a six-building, 105-unit Manhattan portfolio for $30 million. Five buildings are located on Amsterdam Avenue, on the West Side, between 105th and 108th Avenues, with the sixth building at Cathedral Parkway off Columbus Avenue.<\/p>\n

\u201cWe already owned a nice portfolio in the city and continually want to add on to that,\u201d Orbach said. \u201cWe own 22 buildings within a few blocks of the six buildings we bought, and we know the market place there already, we have workers there already and this just adds on to an interesting portfolio pretty much.\u201d<\/p>\n

The portfolio also included six retail stores, with credit tenants such as Dunkin Donuts, Dominos Pizza, and Subway.<\/p>\n

The other transaction was for a 527-unit portfolio in Pennsylvania that sold for $40 million. Included in that deal were a 352-unit apartment complex in Bensalem, and a 175-unit complex in Norristown. Both complexes include Housing Assistance Payment contracts.<\/p>\n

\u201cWe like the location and in Bensalem we own 200 units next door already, so again we\u2019re adding on to a market we already know,\u201d Orbach said. \u201cThe properties were in great shape and we\u2019re going to go in and try to maximize our return.\u201d<\/p>\n

The developer has already begun a capital improvement program for each of the newly acquired buildings, which will include new elevators, lobbies, and exteriors. Plans are also underway to fully renovate individual units as needed.<\/p>\n

Looking ahead, the company plans to acquire additional properties, and not just on the East Coast.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Orbach Group acquired two portfolios totaling 635 rental apartment units across New York City and Pennsylvania for $70 million, increasing its multi-family holdings to more than 5,000 total units.<\/p>\n","protected":false},"author":952,"featured_media":1004049824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,11,21742],"tags":[],"class_list":["post-1004049823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-midatlantic","category-latest"],"acf":[],"yoast_head":"\nOrbach Group Acquires Manhattan, Pennsylvania M-F Buildings for $70M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/orbach-group-acquires-manhattan-pennsylvania-m-f-buildings-for-70m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orbach Group Acquires Manhattan, Pennsylvania M-F Buildings for $70M\" \/>\n<meta property=\"og:description\" content=\"The Orbach Group acquired two portfolios totaling 635 rental apartment units across New York City and Pennsylvania for $70 million, increasing its multi-family holdings to more than 5,000 total units.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/orbach-group-acquires-manhattan-pennsylvania-m-f-buildings-for-70m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-11-13T15:15:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T06:51:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/11\/Orbach-c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1790\" \/>\n\t<meta property=\"og:image:height\" content=\"1801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/orbach-group-acquires-manhattan-pennsylvania-m-f-buildings-for-70m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/orbach-group-acquires-manhattan-pennsylvania-m-f-buildings-for-70m\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"Orbach Group Acquires Manhattan, Pennsylvania M-F Buildings for $70M\",\"datePublished\":\"2012-11-13T15:15:40+00:00\",\"dateModified\":\"2022-12-08T06:51:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/orbach-group-acquires-manhattan-pennsylvania-m-f-buildings-for-70m\\\/\"},\"wordCount\":366,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/orbach-group-acquires-manhattan-pennsylvania-m-f-buildings-for-70m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/11\\\/Orbach-c.jpg\",\"articleSection\":[\"Brokerage\",\"Mid-Atlantic\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/orbach-group-acquires-manhattan-pennsylvania-m-f-buildings-for-70m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/orbach-group-acquires-manhattan-pennsylvania-m-f-buildings-for-70m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/orbach-group-acquires-manhattan-pennsylvania-m-f-buildings-for-70m\\\/\",\"name\":\"Orbach Group Acquires Manhattan, Pennsylvania M-F Buildings for $70M - 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