Sam Zell’s Equity Residential has purchased 175 Kent Avenue, in Williamsburg, Brooklyn, for $76 million, Crain’s reported.
The condominium-turned-rental was developed by the Chetrit Group, which bought the property for $56 million in 2007. It was not clear why it chose to sell the project, which leased up after only six months. It may have been less profitable than the developer expected after it converted to rental, Crain’s speculated.
Aptsandlofts.com is the exclusive marketing agent for the building, at North 4th Street. Renting commenced in March 2011, with studios for $2,343 a month, one-bedrooms starting at $2,756 and two-bedrooms at $3,413.
Zell’s real estate investment trust has been trying to purcahse a percentage of Archstone, also a REIT, since Novermber. [Crain’s]