Springhouse Partners has paid Michael Shah’s DelShah Capital $18.2 million for a 44-unit apartment complex near the Pratt Institute in the Bedford-Stuyvesant neighborhood of Brooklyn, DelShah announced today.
DelShah paid $15.41 million for 902-908 Bedford Avenue in 2007, according to the release, and made capital improvements including the addition of an outdoor deck and a tenant lounge. Shah also converted 10 units to student housing for nearby Long Island University, according to the release.
“Conversion of the remaining units in the building presents an attractive investment opportunity for the buyer, due in large part its proximity to Pratt Institute,” Shah said in the release. “We, however, want to focus on our efforts in Manhattan.”
In June 2012, Springhouse paid $13.75 million for a 32-unit rental building in East Williamsburg, or about $430,000 per unit, as The Real Deal reported. — Hiten Samtani