The three-building portfolio comprising 124 units was acquired off-market in June 2014. Turnbridge identified the locations of each building as poised for near term growth as rents in neighboring locations in Brooklyn were experiencing rapid increases. Post-acquisition, the partnership transitioned nearly 30 rent stabilized, adding substantial potential for upside. Since acquisition, the Crown Heights and Bedford Stuyvesant submarkets have experienced explosive growth. Market growth, coupled with possible changes to rent regulation laws, led the partnership to monetize and exit the portfolio in January 2017.
637 St. Marks Avenue, 24-30 Rogers Avenue, 770 St. Marks Avenue, Brooklyn, NY
Crown Heights, Bedford Stuyvesant, Bushwick