Offshore Investor Grabs Brooklyn Apartments for $52.2M
- Dec 18, 2014
New York—Luxury New York developer Naftali Group has decided that it is time to let go of The Bergen, an 84-unit apartment asset in the Boerum Hill neighborhood of Brooklyn that it completed earlier in 2014. Savills Studley arranged the sale, landing a private European buyer that was willing to pony up $52.2 million for the asset and its very desirable location.
The eight-story, 54,607-square-foot apartment property is condo-like in nature as all units feature solid white oak hardwood flooring, imported Spanish tile, high-end cabinetry, Caesarstone countertops and stainless steel appliances. In November, Urban Compass rented a two-bedroom in the building for $4,262 per month and a studio for $2,291 per month.
An extensive amenity package might have something to do with those prices. The Bergen features a ground floor garage with 45 parking spaces, a gym, lounge, rooftop deck and a second-story courtyard. Select units have balconies, though all benefit from either floor-to-ceiling or ribbon windows.
“This is an ideal investment for offshore purchasers; it offers safe returns and compelling growth prospects in a market that is well positioned for the future,” says Borja Sierra, executive managing director and head of U.S. Capital Markets for Savills Studley.
This deal represented one of the first property transactions through Savills’ international network, just a few months after Savills’ purchase of Studley. If this deal is any indicator of what’s to come, the merger certainly benefited both parties.
Equity Residential is happy to take a LEED asset off Vulcan’s hands
Seattle—Vulcan Real Estate announced yesterday that it has sold Alcyone Apartments to Equity Residential. The 2004-built asset in Seattle’s South Lake Union neighborhood was the first LEED certified market-rate apartment building in Washington State.
“The Alcyone Apartments are positioned well for continued success in the marketplace and have become a real asset to the South Lake Union community,” says Ada Healey, vice president of real estate at Vulcan Inc. “The interest by institutional investors is testament to the thriving community that South Lake Union is today.”
The eight-story building features 161 apartment homes. CBRE led the transaction between Vulcan and EQR with a team that included Frank Bosl, Jon Hallgrimson and Eli Hanacek. Vulcan intends to invest the funds from the property sale toward its continued development efforts.
Located across from Cascade Park, the Alcyone offers a range of amenities including expansive living areas, luxury finishes with stainless steel appliances, eastward facing views, a variety of community spaces, a resident P-Patch and rooftop garden, and vehicle recharging stations. Paddy Coyne’s Irish Pub is located on the ground-floor level.
NorthMarq arranges $24M for Portland lofts
Portland, Ore.—Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles based regional office secured acquisition financing of $24 million for Honeyman Hardware Lofts, a 100-unit multifamily property located at 555 NW Park Avenue in Portland, Oregon. The transaction was structured with a seven-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through a Fannie Mae DUS lender.
The property is situated in Portland’s Pearl District and features studio, split level loft units. Amenities at the asset include a resident lounge with billiards, a coffee lounge, fitness center, rooftop deck, controlled access and covered parking.