Home News Meadow and Davean Snap up 12 Multifamily Properties for $77.2 million

Meadow and Davean Snap up 12 Multifamily Properties for $77.2 million

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From left: Jeff Kaplan of Meadow Partners and Sean Lefkovits of Davean Holdings (Meadow Partners, Davean Holdings, Getty)

Carlyle is not the only institutional investor Private sale of condominiums in New York City.

Meadow Partners and Davean Holdings have acquired 12 free market multifamily homes in Brooklyn and Manhattan in the past six months for a total of $77.2 million. The joint venture secured a $59.6 million loan from Fortress Investment Group for the acquisition, according to debt broker Walker & Dunlop.

Last year, they caused a similar ruckus, selling 12 multi-family homes in New York City. $58 millionThe joint venture also received funding from Fortress for these purchases. The newly constructed portfolio of 24 properties has 175 units.

Adam Schwartz and Sean Reimer of Walker & Dunlop arranged financing for the transaction.

Carlyle has adopted the same strategy at scale. The private equity giant has purchased over 130 small apartments in Brooklyn. Most of them are in trendy neighborhoods like Bushwick, Bedford-Stuyvesant, Park Slope and Cobble Hill. genuine article.

“Investors want multifamily exposure and are saying, ‘How can we get that?’” Reimer said. “I can’t build it. …and a large Class A [multifamily portfolios in New York City] I rarely trade anymore. ”

Walker & Dunlop and Davean Holdings have refused to disclose dozens of addresses recently purchased by Meadow and Daveon. According to Davean’s managing partner, Sean Lefkovits, some of them are in Park on his slopes and others are around his NYU campus in Greenwich Village.bought some from Fairsteadaccording to Levkowitz.

Small apartment complexes have traditionally been owned by family landlords. But over the last few years, private equity firms and large investors have turned their attention to asset classes.

They have been drawn to the sector by the limited supply of multifamily housing and steady rental growth.On the other hand, strict regulations in Japan Rent Act 2019 Buildings with stable rents are becoming less profitable and interest in the space is declining.

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