The Real Deal New York

Sentinel buys three Heller buildings in Brighton Beach for $57M

The multifamily properties were part of a $207M portfolio deal last year

September 08, 2016 02:58PM
By Kathryn Brenzel and Mark Maurer

From left: 231 Brighwater Court, 219 Brightwater Court and 3100 Brighton 2nd Street

From left: 231 Brighwater Court, 219 Brightwater Court and 3100 Brighton 2nd Street

Roughly a year-and-a-half after buying a large multifamily portfolio in Brooklyn, Heller Realty has shed three of the buildings for $57 million.

Sentinel Real Estate Corporation bought three Brighton Beach apartment buildings — 3100 Brighton 2nd Street, 219 and 231 Brightwater Court — from Heller, sources told The Real Deal. Documents filed with the city’s department of finance on Thursday show that Sentinel paid $14.2 million for each of the Brightwater Court properties and $28.5 million for the building on Brighton 2nd Street.

Representatives for Heller and Sentinel did not immediately return calls seeking comment. Rosewood Realty Group’s TRData LogoTINY Aaron Jungreis, who brokered the deal, declined to comment.

Heller, which is led by Ben Heller and Arnold Simon, purchased the three buildings as part of an 11-building portfolio in March 2015. Heller paid A&E Real Estate Holdings  $206.5 million for the assemblage, which included 821 rental apartments across a total 870,000 square feet.

According to Sentinel’s website, the company has acquired and managed more than 142,000 apartment units in the last 47 years. These acquisitions have included some hefty deals in New York City. In 2014, Sentinel scooped up five residential buildings in Prospect Park South and one in Ditmas Park for $42.5 million. The Brighton 2nd Street building, also known as the Del Mar, has 104 units across six stories. The Brightwater Court buildings are also six stories tall and have just under 50 units each.

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