New York based Synapse Development Group announced its platform partnership with Kuwaiti real estate company, AQARAT.
The joint venture will be targeted on making general partner investments in urban market real estate opportunities across the country.
The partnership will focus on expanding its existing portfolio through additional acquisitions in New York and San Francisco, and will evaluate other markets on a deal by deal basis.
“We are excited to announce the continuation of our partnership with AQARAT. We have invested in several projects with their team, and are looking forward to building out our platform with the benefit of working with such an accomplished global real estate firm,” said Justin Palmer, CEO of Synapse Development Group.
Synapse and AQARAT are currently working on a number of projects, including the re-development of 1095 Market Street in San Francisco. Plans for the property include converting a historic office building into a 203-key hotel operated by YOTEL The partnership recently launched a crowdfunding campaign for the re-development, making YOTEL San Francisco the first crowdfunded hotel in San Francisco.
Synapse Development Group and AQARAT also recently completed a land assemblage located just off of the Lorimer Street L-train stop in Williamsburg, Brooklyn, with plans for a ground-up 14- story mixed-use building.
“We plan to strengthen our foothold in the New York and San Francisco markets by identifying and executing on strategic acquisitions and continue to develop to the highest building standards in terms of energy performance, design and functionality,” said Andrew Warman, director of acquisitions at Synapse Development Group.
Synapse Development Group is also developing PERCH Harlem, a seven-story multi-family building that will be the first market-rate rental building in New York City designed to Passive House standards. Synapse is developing the project in partnership with Taurus Investment Holdings.