Equity buys uptown portfolio.

Rama Bassalali has sold a large Upper West Side residential package to Equity Residential Properties as the REIT continues to super-charge its multi-family portfolio.

Equity paid $180 million for three residential buildings at 228-238 W71st Street, 50 W77th Street and 41 W86th Street. The package totals 479 apartments and over 240,000 s/f of space.

According to Bassalali, president and CEO of RMD Properties, Equity plans to keep the units as rentals and generally improve the properties to boost market rents.

"Equity Residential has been very aggressive in buying rental properties in New York City. They have been looking for larger portfolios, nothing less than 150 apartments, and they are becoming a real rarity in the city. This is a family-owned portfolio and I was able to advise them that selling now to the largest residential REIT in the country was a win-win situation for everyone. "The buildings require some work to realize the upside potential and the owners got a very fair price."

Bassalali has been closing deals at break-neck pace recently. He repped all sides in the $158 million sale of 240 East 27th Street and sold 2 Park Ave. to an L&L Holding partnership. Last week, he brought Westbrook to the $180 million purchase of 405 Park Avenue