The Real Deal New York

Maryland fund buys Boerum Hill rental for $154M

The Addison has 271 units and more than 6,000 sf of retail
By Kathryn Brenzel | December 20, 2016 06:39PM

The Addison in Boerum Hill

A Maryland-based real estate fund scooped up a Boerum Hill apartment complex for $154.3 million.

The Multi-Employer Property Trust purchased the Addison, a 271-unit rental building owned by Waterton Residential, MEP’s representatives announced on Tuesday.

Parts of the property, located at 225 Schermerhorn Street, are beneficiaries of the 421a tax abatement. Two of the property’s four tax lots have nine years remaining on a 15-year abatement, while the other two lots are on year 19 of a 25-year abatement, according to HFF. The property, which was built in 2011, also has three ground-floor retail spaces that span a total of 6,610 square feet.

With this deal, MEPT’s total investment in the greater New York area exceeds $1.5 billion.

HFF TRData LogoTINY represented Waterton on the deal, and MEP was advised by Bentall Kennedy.

“Investing in urban, transit-served locations within these major markets remains a key strategic objective of the fund,” David Antonelli, executive vice president and MEPT Portfolio Manager at Bentall Kennedy, said in a statement.

In 2011, MEPT purchased 309 Fifth Avenue for $27.9 million, where it built a 34-story rental building, known as the Dylan.