Friedman Real Estate in conjunction with its Multi-Family Management arm, Friedman Communities, proudly announces the successful disposition of a multi-state multi-family portfolio comprising 56 apartment communities on behalf of its esteemed New York based client. Seamlessly and successfully coordinating the sale and offboarding of this portfolio required a huge effort on the part of many people within Friedman, proving that when you have an exceptional team working together you can accomplish anything.
Friedman Communities successfully transitioned this portfolio from foreclosure and less than 72% occupancy to a highly stable 97% occupancy over a five-year period of time. In addition, through targeted marketing and capital improvement programs, market rents across the portfolio increased by an average of 34% during that same time. Friedman’s high touch management resulted in the portfolio maintaining a very high occupancy and collection rate during the pandemic, further solidifying this successful exit. We congratulate our client, the Chetrit Group, LLC and the purchaser, Harbor Group.