partner on Princeton buy
A joint venture between Boston-based Rockpoint Group and Andrew MacArthur’s Brooksville Company has paid $88 million for a New Jersey apartment community, according to sources.
Avalon Run East is located at 100 Avalon Bay Drive in Lawrenceville in Mercer County.
Comprised of 16 three-story building on 69 acres of land that lies within the Princeton submarket, Avalon Run East has a mix of one-, two- and three-bedroom units averaging 1,094 s/f, more than one-third of which are townhomes and loft apartments.
Homes have gas fireplaces, personal garages, patios or balconies, washers and dryers, individual alarm systems and walk-in closets. Community amenities include a heated outdoor pool, tennis courts, playground, picnic and grilling areas, fitness center, indoor basketball court and resident lounge.
Holliday Fenoglio Fowler brought the 312-unit community to market on behalf of AvalonBay Communities, Inc. In a statement, HFF said a joint venture between Rockpoint Group, L.L.C. and The Brooksville Company purchased the property free and clear of existing debt.
“A well-located asset like Run East was highly sought after by investors,” said HFF senior managing director Jose Cruz, who handled the sale with Kevin O’Hearn , Michael Oliver and Stephen Simonelli.
The deal is the second within as many months for Brooksville and Rockpoint, who are in contract to buy Starrett City for $850 million from a group of owners that includes President Donald Trump.
● Rosewood Realty
Fruchthandler scoops up two Bronx buildings
Rosewood Realty Group brokered the $44.4 million sale of a two adjacent five-story elevator apartment buildings that take up the entire block of Honeywell Avenue the West Farms neighbrohood just south of the Bronx Zoo.
The Fruchthandler real estate family’s FBE Limited bought the buildings at 2103-05 and 2115-17 Honeywell Avenue, between East 180th and East 181 Streets, that consist of 197 apartments and 46 indoor parking spots.
Together, the buildings, which were built in 1979, comprise 181,093 s/f. The package sold for 11.17 times the current rent roll and 5.78 percent cap rate.
Rosewood’s Aaron Jungreis represented both FBE Limited and the seller, Rajmattie Persuad, who bought the buildings just three years ago for $23.5 million.
Earlier this year, Persuad, with partners Karan and Rajmattie Singh, bought Kushner Companies’ Astoria portfolio for $76 million.
FBE has also been active this year, joining with former Extell executive Dov Hertz to buy a $141.5 million multifamily portfolio that included buildings both in Manhattan and Brooklyn.
FBE also bought a four-building portfolio in Manhattan Valley for $50 million.
● Meridian Investment Sales
Multifamily Midwood sale
Meridian Investment Sales brokered the $17.6 million trade of the 60-unit multifamily building at 1695 East 21st Street in Midwood, Brooklyn, to S. Antonio Realty on behalf of Rankell Associates.
David Schechtman, Abie Kassin and Jason Goldy represented the seller, Robert Rankell, and procured the buyer.
Apartments in the six-story post-war brick elevator building average 1,050 s/f and rents average $1,295 per month.
“Midwood has long been a great residential neighborhood and with a limited supply of multifamily buildings in the area we were able to achieve a price of $293,000 per unit and a 19.5 gross rent multiple,” said Schechtman.
● Ariel Property Group
$19M Heights trade
Ariel Property Advisors brokered the sale of a 60-unit multifamily building in Hamilton Heights.
The five-story property, located at 104-110 West 144th Street, sold for $18.75 million.
Victor Sozio, Shimon Shkury, Michael A. Tortorici and Matthew Gillis represented the owner and secured the buyer of the 150 ft. wide walk-up.
The building spans 51,560 s/f and is comprised entirely of two-bedroom apartments subsidized under the HUDʼs Section 8 program.
● Cushman & Wakefield
Hotel option on Chambers
Cushman & Wakefield arranged the sale of a five-story, 19,000 s/f mixed-use building at 85 Chambers Street in Lower Manhattan for $15 million.
Stephen P. Palmese, Will Suarez, Maurice Suede, Sean Rucker and Patrick Madigan represented the sellers. The property consists of two ground floor retail units and eight apartments, with additional buildable space available. Each residential unit features a washer and dryer and the property includes a cellar and sub-cellar.
According to Suarez, the property offers the opportunity to be transformed into a hotel, luxury rental or condominium building.
“The property is located where Tribeca, Financial District, and the Civic Center intersect, offering several attractive features for the asset’s redevelopment,” he added.