A & E Real Estate Holdings has purchased a six-building multifamily portfolio in Flushing, Queens for $127.5 million from Treetop Development and the Weinroth family.
The midtown-based multifamily owner purchased the 388,768 square foot portfolio of one seven-story elevator building and five six-story elevator buildings spread over three lots.
The sale of the portfolio that consists of a total of 428 apartments, closed on June 18.
Rosewood Realty Group’s Aaron Jungreis represented both Treetop Development and A & E Real Estate Holdings in the sale of 132-57 & 132-61 Sanford Avenue and 132-48 41st Road, 132-25 & 132-45 Maple Avenue and 41-40 Denman Street, all in Queens.
Each property contains an indoor parking garage with a total of 115 spaces.
The portfolio sold for 15.3 times the current annual rent roll, at a 3.85 percent cap rate.
A & E, led by Douglas Eisenberg and John Arrillaga Jr., is planning a long-term hold on the properties for roughly 20 or 30 years. The price per unit comes to about $275,000 per door.
The firm also recently closed on the $287 million purchase of the Stonehenge Village complex on the Upper West Side.
A&E Real secured a $65 million loan from Deutsche Bank, according to The Real Deal. The long-term loan came with a fixed-rate.
Treetop and Weinroth acquired the buildings as part of a $139 million ortfolio purchase in 2015. They sold two towers, located on Sanford Avenue,to Pinnacle Group in 2017, for $58 million.