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Dalan Management and Elion Partners Complete Acquisition of Manhattan Multifamily and Retail Property for $66 Million

Real estate investment firms Dalan Management Associates (“Dalan”) and
Elion Partners (“Elion”) today announced the completion of a joint
venture transaction, whereby both entities acquired two adjacent
buildings comprised of 68 multifamily units with ground floor retail.
2568 Broadway and 226 West 97th Street (“units,” or “Broadway
units”), located on Manhattan’s Upper West Side, were sold by AAG
Management to Dalan and Elion for approximately $66 million.

The Broadway units are located just one block from the West 96th
St. subway station and walking distance to top-rated dining and retail
shops, as well as historic cultural landmarks, Central Park and the
Museum of Natural History. Both buildings are eight stories with
elevators, with one containing ground floor retail tenants, Bank of
America, Dunkin Donuts, and Paris Baguette.

In this next phase of growth, Dalan and Elion plan to co-manage the
asset. The long-term goal will be a renovation of the multifamily units,
adding bedrooms and splitting apartments where possible for more
functional living space.

“The competitive advantage of these units is the prime Upper West side
location across the street from one of the two major subway stops in
this neighborhood. The proximity to all that the Upper West Side has to
offer and the ease of commute throughout Manhattan and the boroughs
makes this a truly unique asset,” said Daniel Wrublin of Dalan
Management. “With careful hands on management, and its prime location,
these units will serve as great residences and attractive retail hubs
for consumers for years to come.”

“This partnership aligns with Elion’s overall investment strategy, which
focuses on acquiring high quality assets at or below replacement costs,
in irreplaceable locations, with the use of moderate to low leverage,”
said Juan DeAngulo, Managing Partner at Elion. “We are thrilled to
announce this partnership with Dalan, which marks our first entrance to
the New York City market. We see great potential both with these assets
and in the Greater New York region and look forward to further
penetration in this market.”

About Dalan Management

Dalan Management is a real estate investment and management firm that
owns, operates, and manages a portfolio of multifamily and commercial
properties in New York, Phoenix, Washington DC and Los Angeles. The
company currently owns and operates over fifty properties comprised of
approximately 1,500 residential units and 100 commercial units across
more than 1,500,000 square feet with a market capitalization over $1
billion.

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About Elion Partners

Founded in 2010, Elion Partners is a real estate investment firm with an
acquisition philosophy that is deeply rooted in fundamental experience
in both the operational and financial facets of the real estate
industry. As an integrated institutional investment platform, Elion
Partners is a team of expert real estate investors and operators that
manage more than $2 billion in real estate assets, providing value to
the firm’s LPs through several closed-end funds and standalone permanent
capital investment vehicles.

http://elionpartners.com/

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