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Report: Dutch pension fund picks up 30% stake in $650M NYC apartment tower

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Report: Dutch pension fund picks up 30% stake in $650M NYC apartment tower

Dutch pension fund manager PGGM acquired a 30% interest in 21 West End Ave. apartment tower in New York City for an undisclosed sum, The Real Deal reported, citing Real Estate Alert.

The deal pins the building's aggregate worth at $650 million, according to the March 20 report.

Following the deal with sellers Carlyle Group and Greenfield Partners, PGGM owns the 616-unit residential building alongside Dermot Co. and AFL-CIO Building Investment Trust, which developed the property and own the remaining 70% stake.

Additionally, the news outlet noted that the transaction values each apartment in the building at about $1.1 million. The rental tower, which is 95% let since leasing began in August 2016, represents the fund manager's first direct real estate investment in New York.