Four-building Brooklyn apartment portfolio sells for $16.3M
JLL Capital Markets completes sale of four multi-housing walkup buildings in Brooklyn’s Bushwick neighborhood
NEW YORK, January 27, 2022 — JLL Capital Markets announced today that it has closed the $16.3 million sale of a 24-unit, 17,000-square-foot, four-building multi-housing portfolio in the Bushwick neighborhood of Brooklyn.
JLL marketed the portfolio on behalf of the seller, Node, a global asset management company that co-invests, co-develops and manages high-density urban rental communities in creative capital cities throughout North America and Europe. A Brooklyn-based multi-housing operator acquired the portfolio.
The portfolio consists of 24 market rates units across four six-unit, four- and five-story properties, all of which are ideally located within the dynamic Bushwick neighborhood, offering ready access to area shops, restaurants and entertainment in close proximity to mass transit, including the M and L subway lines, with service throughout Manhattan, Brooklyn, Queens and the Bronx.
Node currently has a pipeline of 8,000 units globally across five countries in North America and Europe.
“This sale is a testament to the asset value creation that our curated living concept has achieved in the U.S. multi-housing market and beyond,” said Anil Khera, Founder & CEO of Node. “We are now seeking larger opportunities with development and capital partners to advance our urban living concept at an institutional level in New York City and throughout the United States.”
“I am proud that we develop the next generation of urban living with these affordable, design-led and community-focused residences that meet the growing needs of urban renters,” Dorothea Donelan Avery, Node Brooklyn Partner / Co Founder and Construction Manager of the portfolio, added.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Brendan Maddigan and Stephen Palmese; Managing Directors Ethan Stanton, Winfield Clifford and Michael Mazzara; Vice President Patrick Maddigan; and Associate Connor McCullough.
“These properties benefited from strong in-place cash-flow and occupancy throughout COVID and are some of the highest-quality and best-designed assets in the market, creating a unique opportunity to own a well-located multi-housing portfolio offering sustainable long-term growth potential,” Stanton said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Node (node-living.com) is a global asset management company that co-invests, co-develops and manages high-density urban rental communities in creative capital cities throughout North America and Europe. The company is pioneering the concept of curated living, a next generation, high-density urban rental community that offers furnished studios, one-bedroom and shared-living accommodation for an all-inclusive price with utilities and wifi included. Amenities include a variety of residents' lounges, wellness centers and coworking spaces to cater for the increasing trend of working from home.