PE Joint Venture Sells Fla. Building Complex

Law360, New York (December 13, 2011, 3:45 PM EST) -- The Bank of New York Mellon Corp.'s real estate investment arm Urdang Capital Management and its joint venture partner Priderock Capital Partners LLC have sold a four-building, 248-unit luxury apartment complex in Boca Raton, Fla., for an undisclosed amount, BNY Mellon said Tuesday.

The deal represents a successful end to the venture's latest multifamily property turnaround project. Urdang and Priderock, which often focus their individual investments on distressed multifamily properties, completed construction on the half-finished condominium project and closed the sale with an unnamed buyer on...
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