The Real Deal New York

Akelius buys Brooklyn rental portfolio for $125M

Swedish firm's US arm continues multifamily tear with DSA's 400K sf package

August 05, 2015 08:00AM
By Mark Maurer Twitter_logo_blue copy

Akelius Brooklyn

From left: 777 St. Mark’s Avenue in Crown Heights and 95 Linden Boulevard in Flatbush (inset: Kunal Chothani and Aaron Jungreis)

Akelius Real Estate Management just scooped up a six-building Brooklyn rental portfolio for $124.5 million, The Real Deal has learned. It’s the latest in a series of deals that’s transformed Akelius from unknown entity into one of New York City’s most active multifamily players.

The mid-sized properties, located in Crown Heights, Prospect-Lefferts Gardens and Flatbush, collectively hold 378 rental apartments – many of them rent-stabilized. The seller, Ed Lifshitz’s NoMad-based DSA Management, assembled the 393,000-square-foot portfolio over the last three years.

The addresses are 777 St. Mark’s Avenue, 345 Lefferts Avenue, 130 Martense Street and 40, 58 and 95 Linden Boulevard. All but the Lefferts Avenue properties are elevator buildings.

Aaron Jungreis and Billy Billitzer of Rosewood Realty Group brokered the deal, which closed Monday.

Akelius’ plan for the buildings will echo its recent acquisitions – extensive capital improvements and a long-term hold, Akelius executive Kunal Chothani told TRD.

“Our focus for the immediate future is on being good property managers,” he added.

Akelius Real Estate Management, the U.S. division of a Swedish investment giant, made its debut on the New York multifamily stage just in spring and already owns more than 900 rental apartments. Its largest single-building buy to date has been the $167.5 million acquisition of a 17-story Gramercy Park property at 301 East 21st Street.