Taconic Investment Partners has sold a middle-income apartment complex in Brooklyn for $53 million.
The owner, operator, and developer of commercial and residential real estate, and Ares Management, L.P, a global alternative asset manager, announced today the sale of the remaining 318 units at MeadowWood at Gateway – a condominium complex located at 12205 Flatlands Avenue in Brooklyn – to The Pinnacle Group.
Taconic and funds managed by Ares Management originally acquired the 983 unsold condominium units out of the 1,152 apartments at MeadowWood in 2006.
They invested over $40 million in extensive renovations to the development, installing new windows and patio doors; energy-efficient heating systems, refurbished lobbies and security enhancements and more.
When the development hit the market in 2007, and as homes became available for sale, the apartment interiors were also completely renovated. These efforts were among the reasons that MeadowWood was named one of Brooklyn’s top selling condominium in 2009.
“MeadowWood was a condo in disrepair when we acquired it, and what we were able to do with the property is a testament to what Taconic is best at,” stated Peter Febo, COO of Taconic. “Through the downturn, not only was our partnership able to make massive capital improvements but we were able to maintain the momentum in the first few years and make strides, all while keeping our one goal in mind – affordable home ownership in New York City.”
Aaron Jungreis, President of Rosewood Realty Group, represented Taconic in this transaction.
“The goal of the partnership between Ares and Taconic was to improve and reposition a large-scale, housing development, and we are especially proud that we did so through a very difficult time for the area during the economic downturn,” said James Simmons, partner at Ares. ”The results of our joint efforts are that approximately 650 families now own quality homes in a community that continues its revitalization process.”
Featuring 19 high-rise and garden-home buildings set on two campuses, MeadowWood at Gateway is Brooklyn’s largest condominium conversion project. The property offers a selection ofstudio to four-bedroom homes. Homeowners at MeadowWood have access to some of the top amenities in East New York, including landscaped grounds, a children’s playground, full-time security with keycard access to the buildings, on-site laundry, and parking.