Abro Secures 2 Brooklyn Assets for $47M
- Mar 22, 2017
New York—The Hudson Cos. closed the sale of two adjacent Brighton Beach rental buildings located at 1125 Banner Ave. and 2750 E. 12th St. in Brooklyn, to Abro Management for $46.9 million. Steven Vegh of Westwood Realty Associates brokered the deal.
Together, the seven- to 11-story buildings comprise 102 units offering studio, one-, two- and three-bedroom floorplans, in addition to duplex penthouses. The apartments offer in-unit features such as floor-to-ceiling windows, granite countertops, stainless steel appliances, white oak hardwood flooring, high ceilings and zoned heating and air conditioning systems. Residents have access to shared amenities such as on-site gated parking, lounge, gym, laundry facility, dog run and a large second floor sundeck. Monthly rents range from $2,650 to $4,100.
The company acquired the property in March 2014 with a value-add strategy of completing capital projects, upgrading and expanding the amenities package and leasing-up the apartments to a stabilized occupancy. This is the second partnership between The Hudson Cos. and Abro. In 2015, Abro purchased an 86-unit East Village rental building developed and owned by The Hudson Cos. known as The Hudson East.
“We are very pleased to close on another deal with Abro,” said Joseph Kohl-Riggs, managing director of Acquisitions at The Hudson Cos. “We purchased these properties with the intent to add value and build a strong tenant base. This sale proves that we accomplished that and more and speaks to the strong desire for these types of properties in the Brighton Beach market.”
Image courtesy of Yardi Matrix