Pebb Capital, TriArch Trade Greenwich Village Student Housing for $104M
Connect Commercial Real Estate
Pebb Capital and TriArch Real Estate Group completed the sale of The Alabama, a 175-bed student housing property in Greenwich Village. The gut-renovated prewar building at 15 E. 11th St. sold for approximately $104 million, reportedly to an entity linked to the Simons Foundation.
The Pebb/TriArch partnership acquired the century-old Alabama for $58 million in October 2016. The partners completed renovations in nine months and opened the property's doors to the students of New York University, The New School and the Cardozo School of Law for the 2017/2018 academic year.
"We designed the Alabama to provide a strong value proposition and sense of community to local students and young professionals in the form of turnkey, furnished units in a fully-amenitized building with immediate proximity to campus and unparalleled train access," said Pebb Capital principal James Jago.
The partners are now developing a ground-up property to serve Columbia University students uptown.