JLL Capital Markets has announced the sale of The Vitagraph, a 302-unit luxury rental property in the Midwood neighborhood of Brooklyn.
JLL arranged the sale on behalf of Northlink Capital, the New York City based development firm, to a partnership between The Dermot Company, Principal Real Estate Investors and Dutch pension fund PGGM.
Constructed in 2019, the eight-story building features one-, two- and three-bedroom apartments with high-end finishes, in-unit washer/dryers and private terraces. The property also boasts best-in-class amenities, which include an indoor and outdoor kids play area, lavish courtyard, 24-hour doorman, on- site indoor parking garage, business center, state-of-the-art fitness center and rooftop patio.
Situated directly across the street from the Avenue M subway station (Q), residents are a 30-minute ride from Lower Manhattan and less than 20-minutes from Downtown Brooklyn. The Kings Highway and Coney Island Avenue retail corridors are nearby and Avenue M, with its many popular restaurants and shops, is within walking distance.
The JLL Capital Markets team that completed the transaction was comprised of Jeffrey Julien, Steven Rutman, Ethan Stanton, Rob Hinckley, Brendan Maddigan and Stephen Palmese.
“The Vitagraph represents the most attractive of Brooklyn’s multi-family assets with its abundant amenities, premier location and affordability compared to pricier Brooklyn neighborhoods,” said Rutman.
“This property is situated in a submarket set to achieve outsized rent growth as demand outweighs the supply of larger units and luxury amenities,” added Stanton.
“Northlink built a high-quality property in a dynamic, transit-oriented neighborhood,” said Andrew Levison, Partner and Managing Director at The Dermot Company. “Dermot is excited to bring its full suite of services to The Vitagraph to enhance the living experiences of the residents.”
According to market reports, Brooklyn rents have reached record highs since the COVID crash. In Brooklyn, rents were 14 percent higher in the first quarter of 2022 compared to the year before, while occupancy sits at nearly 97%, according to JLL Research.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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