Joint venture to invest $1.5M in Aspen Corporate Office Park.Ivy Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Fund I, LP, in a joint venture with Meritage/Oppenheimer Real Estate Value Partners I LP, has recapitalized the 90,000 s/f, two-building Aspen aspen, in botany aspen: see willow. Aspen, city, United States Aspen (ăs`pən), city (1990 pop. 5,049), alt. 7,850 ft (2,390 m), seat of Pitkin co., S central Colo. Corporate Office Park at 1460 and 1480 Route 9 North in Woodbridge Wood·bridge A city of northeast New Jersey south-southwest of Elizabeth. Settled in 1665, it is an industrial center. Population: 97,203. , N.J. The joint venture plans to invest approximately $1.5 million in capital improvements in the complex, including renovating the lobbies, common areas, and HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free systems. "This transaction is representative of the value-added investments that we are looking to acquire for our portfolio," says David Archibald, senior investment officer for Ivy Realty Fund I. "Aspen Corporate Office Park has an overall occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) of 70 percent. With our proactive asset management, property management and leasing teams, and as a result of our planned upgrades, we are confident this complex will attain the highest levels of occupancy and provide our investors with a strong return on investment." Andrew Nathan, founder of Meritage adds, "We are pleased to be partnering with Ivy Realty on this transaction. We know this is the beginning of a long-lasting relationship in which we will continue to work with Ivy on similar top-quality investments for years to come. Meritage/Oppenheimer Real Estate Value Partners I, LP and Ivy Realty Fund I share a similar investment philosophy. We both stress focused hands-on asset management, with significant attention to servicing our tenant-clients to the highest standards." |
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