Davis Polk advised El-Ad Group and Star Real Estate Venture, a joint venture between affiliates of El-Ad Group and Yellowstone Portfolio LLC, in connection with the sale of all Star’s assets, consisting of 48 multifamily properties located in 11 states and comprising 14,414 apartments, for $1.75 billion.
El-Ad Group, a real estate investment and development company, is part of the Tshuva Group of Companies controlled by Isaac Tshuva, an Israeli businessman. El-Ad Group is actively involved in residential and commercial developments in prime U.S. and Canadian markets with a portfolio of completed and current developments that include the acquisition, restoration and condominium conversion of the Plaza Hotel and the development of 108 Leonard Street, a luxury condominium project in the New York City neighborhood of Tribeca. Morgan Properties is a family owned business that was founded in 1985, which owns and manages an existing portfolio of over 75,000 apartment units in 12 states.
The Davis Polk real estate team included partner Michael J. Rishty and associates Nicholas Soilleux, Edward Peck and Paulina Gordon. Partner Po Sit and associate Joseph M. Gerstel provided tax advice. Bernadette M. Sullivan was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.
Morgan Properties was advised by Blank Rome LLP. Gibson Dunn & Crutcher LLP advised Related Fund Management in connection with the redemption of preferred equity interests. Yellowstone was advised by Meitar Law Offices.