The Topland Group has just divested a block of apartments in the Putney neighbourhood of London, in a private sale.
The reported price realized was £15 million pounds ($23 million), at a 3.3 percent net capitalization rate negotiated for the sale.
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The approximately 22, 200 square foot building contains 24 rental units, and the building sold for about £670 pounds per square foot (about $ 1, 025 per sq. ft.).
Four of the apartments are now owned by long term leaseholders, but the remaining 20 are leased out short term.
Topland had initially purchased the building in 2013, for about £11 million pounds (about $17 million) so it has likely made a quite decent profit, even after having to spend some significant sums on refurbishments to increase its annual income.
Sol Zakay commenting on the sale stated: “We bought the asset well and executed our asset management strategy perfectly to produce a 40 percent profit on cost”.
