GFI Realty Services has arranged the $26.7-million sale of a two-building, multifamily portfolio in the Prospect Park South section of Brooklyn. Located at 111 Woodruff Ave. (pictured) and 11 Crooke Ave., the portfolio features a mix of 89 studio, one, two and three-bedroom apartments, nearly 20% of which are vacant.
The sale was about a decade in the making. “With the recent revitalization of this section of Brooklyn, we had numerous discussions with the seller about selling the property over the last 10-plus years,” said GFI’s Erik Yankelovich. “By waiting out the market and creating a substantial amount of vacancy, he was able to increase the upside of these assets and enable us to arrange this transaction with a very strong in-place cap rate of approximately 4%.”
A team led by Yankelovich represented both the seller and the buyer, Greenroad Capital. The portfolio also includes about 20,000 square feet of air rights.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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