Brightshore Acquires Newly Built Long Island City Luxury Apartments

Brightshore Capital LP, formerly GTIS Partners, has acquired DŌMI, a newly constructed, 190-unit luxury multifamily property located at 29-24 40th Ave. in Long Island City, for slightly more than $143 million. The acquisition through Brightshore’s Opportunity Zone Fund II was financed with a $98.5-million loan from Affinius Capital. The seller was a joint venture of SB Development, Hazelton Capital Group and Avenue Realty Capital.

“Long Island City has benefited from sustained residential expansion, fueled by convenient access to Manhattan, robust transportation links and continued investment in local infrastructure and neighborhood amenities,” said Rob Vahradian, partner at Brightshore. “We believe the combination of these fundamentals and the limited availability of new residential development opportunities create an attractive environment for long-term investment.”

The Newmark Investment Sales Team of Eric Roth, Daniel O’Brien, Adam Spies and Adam Doneger arranged the sale. Jordan Roeschlaub, Christopher Kramer and Max Ralby of the Newmark Debt & Structured Finance Team arranged the loan from Affinius.