News
Crown Hts & East NY Rent Stabilized Portfolio Trades For $40M
May 12, 2016
Image: Google Street View
A nine-building Brooklyn portfolio with 203 rent-stabilized units has changed hands for $40M.
Chesnut Holdings, a Bronx-based owner-operator, picked up the 160k SF portfolio in Crown Heights and East New York from Carmel Partners, which put it together in 2011 and ’12 and sunk just over $18M into acquisitions.
The buildings traded at a gross rent multiple of about 13 to 14, and the cap rate ticked in at 3.9, according to The Real Deal. Rosewood Realty Group’s Aaron Jungreis was a broker on the deal. [TRD]
