NEW YORK – ALTO Private Investments, a leading real estate fund manager, announced an exit transaction with the sale of 200 West End Avenue, a retail condominium on the prestigious Upper West Side of Manhattan consisting of four retail units, for $50 million. ALTO purchased the property with the Klein American Group in 2011 for $31 million.
The retail property, totaling 25,000 square feet, is located on the ground floor of the luxury condominium 200 West End Avenue at 70th Street and West End Avenue. At the time of the purchase, the complex was leased to CVS for 13 years. Following the acquisition, ALTO signed three additional tenants each with 15-year leases, increasing occupancy and rental revenues by 40%.
“Two years after the acquisition and with the improvements we instituted, we sold the property at a gross return of almost three times our original equity investment,” said Mody Kidon, ALTO chairman and co-founder. “This is our fifth exit in the last two years with an average 30% IRR.”
ALTO Private Investments focuses on the acquisition of value-added commercial properties in major cities in the U.S. ALTO has invested in 14 commercial properties totaling 1.8 million square feet and valued at $285 million. The firm’s strategy is to work with local joint venture and operating partners which co-invest in local properties.
ALTO is currently raising its second fund targeting $100 million of equity and $500 million of commercial real estate investments. Designed for private investors and institutions, ALTO Real Estate Investment Fund 2 is also focused on income-producing commercial properties that provide opportunities to enhance value.
ALTO acquires, manages and leases its properties through the firm’s New York City office headed by Glenn Myles, Managing Partner in New York. A seasoned finance and real estate executive, Myles will spearhead the firm's expansion to markets throughout the U.S. ALTO is targeting investments in cities including Los Angeles, Miami, Houston, Chicago and Seattle.
With a 30-year investment career, Myles has been involved in nearly $10 billion of transactions as an investor, principal and advisor. He has overseen the ownership of thousands of residential apartments and condominiums and over two million square feet of retail real estate.
About ALTO Private Investments
ALTO Private Investments (www.alto-investments.com) is a leading real estate fund manager. ALTO Real Estate Investment Funds specialize in the acquisition of value-added commercial real estate in major U.S. cities. The firm’s investment strategy seeks to spread risk across a diverse portfolio of income-producing properties. ALTO has invested in 14 commercial properties totaling 1.8 million square feet and valued at $285 million. ALTO manages and leases its properties through the firm’s New York City office.
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