Coltown Properties Sells Brooklyn Portfolio for $82M

Merchants Bank of Indiana facilitated the 385-unit buy with more than $65 million in acquisition financing.

221 Linden Blvd.

Camber Property Group has partnered with the NYC Housing Partnership to acquire a 385-unit Brooklyn multifamily portfolio from Coltown Properties for just under $82 million, according to public records. Merchants Bank of Indiana originated a $65.6 million loan to finance the deal.

The portfolio encompasses eight buildings in Brooklyn’s Flatbush neighborhood. The largest, a 145-unit community at 221 Linden Blvd., last changed hands in 2008 as part of a $25.5 million, 290-unit deal, according to Yardi Matrix. The other properties are:

  • 280 E. 21st St., 68 units
  • 816 Ocean Ave., 42 units
  • 672 Ocean Ave., 34 units
  • 666 Ocean Ave., 34 units
  • 682 Ocean Ave., 30 units
  • 95 E. 18th St., 16 units
  • 91 E. 18th St., 16 units

Most of the buildings are located within two blocks of the vibrant Flatbush Avenue retail corridor, with ample public transportation options a short distance away. The assets on Ocean Avenue are within a mile of one of Brooklyn’s largest affordable housing properties, which landed a massive, $329 million refinancing package earlier in May.

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