Angelo, Gordon & Company has closed two deals with operating partners worth $100 million, acquiring a 270,000-square-foot Las Vegas office property and a 459-unit apartment building in Maryland.
The New York-based firm joined forces with developer City Center Realty Partner to purchase the Bank of America Plaza in downtown Vegas for $64 million. The property was acquired from real estate investment firm Behringer Harvard, which took over the 17-storey property when it bought Toronto-based office REIT IPC US REIT for $1.4 billion in December 2007. IPC had acquired the office two years earlier for $72 million.
The Las Vegas office is currently 92 percent leased, with Angelo, Gordon and City Center expected to invest additional capital to renovate the building’s common areas.
Last week, Angelo, Gordon also teamed up with Rockville, Maryland-based property management and investment firm, The Donaldson Group, to acquire a multifamily property for $38 million in an all-equity transaction.
The duo acquired the 18-building apartment complex in Temple Hills, Maryland, from Tarragon Corporation, after the New York-based firm filed for Chapter 11 bankruptcy protection. The properties have not been renovated since the 1980s, with Donaldson Group executive vice president Carlton Einsel saying in a statement the units had been “starved for capital and suffered from above-market vacancy and below-market rental rates” for years.
Angelo, Gordon and Donaldson said they expected to leverage the multifamily properties “shortly after closing”.