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Williamsburg Apartments Trade to NorCal Investor
Pacific Urban Investors, a Palo Alto, CA-based multifamily owner-operator and investment manager, has completed its sixth acquisition in the New York metro area, increasing its regional portfolio to 1,853 units. The newly acquired community, Leonard Pointe, consists of 188 units located in the Williamsburg neighborhood of Brooklyn.
The acquisition marks Pacific Urban’s 15th property on the East Coast. Although Pacific Urban did not disclose deal terms, Trepp identified the seller as UDR, which acquired the property in 2019, and said Pacific Urban paid $127.5 million.
“We are excited to grow our East Coast portfolio with Leonard Pointe, a high-quality community in one of New York City’s most dynamic neighborhoods,” said Matt Lederer, VP of investments. “Williamsburg has been a submarket of focus for us due to its proximity to Manhattan, vibrant entertainment and lifestyle amenities, and various transportation options. Leonard Pointe reflects our commitment to investing in well-located communities that provide residents with exceptional living experiences.”
- ◦Sale/Acquisition
