MEPT Adds 271 Units to NYC Footprint

Bentall Kennedy acquired the property on behalf of the fund to continue with its strategy of investing in primary, transit-oriented markets.
The Addison

The Addison

By Evelina Croitoru

New York—Bentall Kennedy, a global real estate investment advisor and provider of real estate services, has announced that the company has secured the purchase of The Addison, a high-rise multifamily property in Brooklyn, New York, on behalf of Multi-Employer Property Trust (MEPT) and its affiliates. The financial details of the transaction were undisclosed.

“The New York City market continues to be one of the most dynamic and best performing markets in the country, especially in the multifamily asset class. Downtown Brooklyn is experiencing an influx of renters attracted to its proximity to Manhattan as well as the rapidly evolving dining, shopping, and entertainment amenities in Brooklyn,” Kevin Rivest, senior vice president of transactions at Bentall Kennedy, said in prepared remarks.

Located at 236 Livingston St., the 271-unit property was completed in 2011 and consists of two high-rise towers, as well as 6,600 square feet of ground-floor retail and a 109-space, below-grade parking garage. The Class A community features one-, two- and three-bedroom units, with property amenities including a fitness center, community room, controlled access and laundry facilities. The Addison offers convenient access to the Hoyt-Schermerhorn MTA station on the ground floor and is 20 minutes away from downtown Manhattan.

“This acquisition aligns with the core strategy of MEPT, which is to invest in primary, knowledge-based markets throughout the U.S. Investing in urban, transit-served locations within these major markets remains a key strategic objective of the fund. With this acquisition, MEPT’s total investment in the greater New York market exceeds $1.5 billion in gross asset value,” David Antonelli, executive vice president and MEPT portfolio manager at Bentall Kennedy, said in a prepared statement.

Image courtesy of Yardi Matrix