The Real Deal New York

Inception, NorthEnd grab nine-building Brooklyn portfolio

112-unit, 100K sf assemblage sold for $26 million
By Mark Maurer | Twitter_logo_blue copy August 11, 2015 01:55PM

Inception Investors and NorthEnd Equities picked up a nine-building multifamily portfolio spread throughout Brooklyn for $26.3 million, The Real Deal has learned.

The rental properties, all walk-ups, hold a total of 112 apartments and span more than 100,000 square feet. Lightstone Management, a Brooklyn-based investment firm led by Barry Farkas and Mike Silber, gathered the buildings over the past five years, in neighborhoods such as Crown Heights, Bushwick, Bedford-Stuyvesant, Flatbush and Prospect-Lefferts Gardens.

The addresses are 1226 Lincoln Place, 1639 Carroll Street, 226 Pulaski Street, 642 Wilson Avenue, 3013-3019 Newkirk Avenue, 83 East 94th Street and 436 East 34th Street. Lightstone Management, unrelated to the Lightstone Group, renovated many of the units and common areas.

Inception Investors, a Midtown East-based private equity firm led by Ryan Colbert and Chesky Engel, is planning renovations and a long-term hold, the buyers told TRD.

“We are strong believers in the long-term appreciation of these assets and the further growth that Brooklyn continues to show,” Colbert said.

In October, Inception paid $10 million for a 61-unit portfolio at 1613-1631 Eastern Parkway in Ocean Hill.

Westwood Realty Associates’ Steven Vegh, who represented both sides in the off-market deal, could not be reached for comment.

Last week, Akelius Real Estate Management bought six rental buildings in Brooklyn for $125 million, TRD reported.