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McAlpin House – Midtown Manhattan

  • Princeton purchased 680 apartment units with 120,000 square feet of retail for $99MM
  • Thirty days later, Princeton sold the property to a public REIT and generated a large profit while retaining a 35% stake in the purchasing entity
  • Subsequently, Princeton went to the market with the REIT and sold the property to a private developer, while again retaining a 25% equity ownership in the second purchasing entity
  • Princeton’s total equity investment amount was $6MM; Princeton still owns its stake in the joint venture today