Swedish investor Akelius, a relatively new arrival in New York City, has added a $125 million portfolio of Brooklyn properties to its US portfolio.
The company announced yesterday (Tuesday) the purchase of six properties comprising 378 apartments spread across Crown Heights, Flatbush and Prospect Lefferts. All of the properties are “within a five-to-eight minute walk to the respective subway lines,” said Kunal Chothani, regional vice president of the New York City area for Akelius.
Akelius is known for making access to transportation a priority in its investments.
“We’re going to make significant capital improvements to each individual building,” said Chothani, noting that current tenants will not be offered buyouts.
“I cannot stress this enough,” said Chothani, “we will not be pursing buyouts in any of our assets.”
The properties included in the package are 777 St. Mark’s Avenue in Crown Heights, 345 Lefferts Avenue, 130 Martense Street, 93 Linden Boulevard, 40 Linden Boulevard, and 58 Linden Boulevard.
The portfolio is the sixth acquisition of the Swedish real estate company in the USA. The company now owns two properties in Manhattan and nine in Brooklyn.
“We love Brooklyn, if that’s not obvious yet,” said Chothani, who projects that Akelius will likely take some time before continuing to amass more holdings stateside.
“Right now though, in the immediate future, we are more focused on building our management team and providing a service to our residents. In our immediate future, we are looking to service the residents in each one of our properties and be the best that we can be for them.”
Aaron Jungreis, co-founder of Rosewood Realty Group, worked alongside fellow Rosewood broker Billy Billitzer to represent both the seller and Akelius.
Akelius worked with Rosewood to acquire 10 out of the 11 U.S. properties currently in its portfolio.