GO Residential REIT (GO-U-T), registered in Toronto, has agreements to acquire three multifamily properties in Manhattan for $380.5 million (all figures US), which would add over 600 units and 533,000 square feet to its portfolio.

Announced late Tuesday, New York City-based GO Residential plans to acquire the mixed-use Ivy Tower in Midtown West, plus The Lewis and 445 W 35th St. in The Hudson Yards neighbourhood from two vendors.

Ivy Tower, developed in 2003, consists of two internally connected highrise buildings. It has a total of 321 residential units across approximately 296,000 square feet of gross leasable area.

The Lewis was delivered in 2018, and 445 W 35th St. delivered the year after. Combined, the two properties have 304 apartments across approximately 237,000 square feet of gross leasable area.

The properties represent “quintessential examples of the kind of institutional-quality multifamily assets that we expect to anchor our growth strategy," Joshua Gotlib, CEO of GO Residential, said in the announcement.

A REIT that completed its $410-million initial public offering in July 2025 in Canada, GO Residential was founded to give investors the opportunity to invest in luxury highrise multifamily properties in the New York metro area and other major cities in the U.S.

It owns and operates five properties, consisting of over 2,000 suites in Manhattan, such as The Copper. 

The how and why behind the acquisitions

GO Residential said the properties would accelerate the company’s scale in core Manhattan submarkets, enhance the quality of its portfolio and build on its presence as an owner and operator of luxury highrise multifamily assets.

The financing for the three properties is expected to be met with $183.2 million in cash, incurrence of approximately $120 million in mortgage debt with respect to the Hudson Yards portfolio, and $77.3 million in equity issued to the vendors.

Ivy Tower is expected to become the REIT's first unencumbered asset, which GO Residential said will deliver “on a key strategic initiative.”

“We are strengthening the balance sheet, expanding our unencumbered pool and leaning into assets we believe can outperform across cycles,” Meyer Orbach, chairman of GO Residential, said in the announcement of the acquisitions.

The acquisitions are anticipated to close in Q2, depending on closing conditions such as the approval of the Toronto Stock Exchange.

In an updated forecast for its Q4 2025 financial results on a pro forma basis, GO Residential reported its investment properties are expected to be valued at $2.7 billion. Its net income and comprehensive income is anticipated to be approximately $22 million, almost four times its previous forecast of approximately $6 million.

Details, amenities of the properties

The suites of Ivy Tower range from studios to two-bedroom units, averaging approximately 700 square feet. The asset is made up of primarily market-rate apartments. There are 64 rent-stabilized suites which are planned to be transitioned into fair market rates in 2036.

Residents of Ivy Tower have access to a fitness centre, a lounge, games room, catering kitchen and a sun deck. The property offers access to major transit hubs such as the Port Authority Bus Terminal, subway lines, Times Square and Hell's Kitchen.

The Lewis has studio, one- and two-bedroom units, while studio, one-, two-, and three-bedroom units are offered at 445 W 35th St.

The two Hudson Yards properties have fitness centres, resident lounges, workspaces and landscaped outdoor terraces. Residents can enjoy a variety of dining, shopping, entertainment and public transit options in the area.

"Best-in-class locations, premium amenities and durable rental demand underlie meaningful opportunities to unlock additional value through active asset management and disciplined operational execution,” Gotlib said.