In the transaction, which involved the recapitalization of AvalonBay Companies, AvalonBay retains a 20 percent interest in the properties and is acting as managing member of the venture and property manager for the communities.
The purchase comprised three fee properties and a ground lease property bound by regulatory agreements with several New York City government agencies. Greenberg Traurig attorneys negotiated and finalized the contribution/purchase agreement for the transaction and the 80/20 joint venture agreement between Invesco and AvalonBay, as well as coordinated all aspects of the closing of the transaction.
“We were very pleased to assist Invesco Real Estate with this investment that adds further dimension to the company’s already impressive portfolio,” said Giusto, a shareholder in Greenberg Traurig’s Miami office and co-chair of the firm’s Global Real Estate Practice. “We look forward to assisting the company further as it continues its strategic growth.”
Giusto focuses his practice on commercial real estate transactions and leasing, as well as corporate transactions.
Greenberg Traurig New York office Shareholder Josh Farrell led the contribution/purchase agreement and joint venture aspects of the transaction, and Miami Shareholder Michael T. Lynott led the financing portion of the transaction. Other members of the Greenberg Traurig team were New York office Shareholders Deirdre A. Carson, Jerrold F. Goldberg, Steve Mastbaum and Ivy J. Lapides, and Associate Karen L. Geringer; Miami Shareholders Noam Lipshitz and Marina I. Ross, and Associate Corey E. Strauss.
Invesco Real Estate is a global leader in the real estate investment management business with $64.1 billion in real estate assets under management, 491 employees and 21 regional offices across the United States, Europe, and Asia. Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. (NYSE:IVZ).
AvalonBay Communities owns or holds a direct or indirect ownership interest in 290 apartment communities containing 84,490 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 15 communities were under redevelopment. The company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and is among the Top 20 on the 2018 Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law