“The New York City market continues to be one of the most dynamic and best performing markets in the country, especially in the multi-family asset class. Downtown Brooklyn is experiencing an influx of renters attracted to its proximity to Manhattan as well as the rapidly evolving dining, shopping, and entertainment amenities in Brooklyn,” said Kevin Rivest, Senior Vice President, Transactions at Bentall Kennedy.
“This acquisition aligns with the core strategy of MEPT, which is to invest in primary, knowledge-based markets throughout the US,” stated David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy. “Investing in urban, transit-served locations within these major markets remains a key strategic objective of the Fund. With this acquisition, MEPT’s total investment in the greater New York market exceeds $1.5 billion in gross asset value.”
The Addison is well-positioned to capture the significant long-term upside of the continued evolution of the submarket due in part to its central location on Schermerhorn Street, the traditional border between Boerum Hill and Downtown Brooklyn. Boerum Hill’s high quality of life and neighborhood vibe continue to transform areas north of its traditional border on Schermerhorn Street. In comparison, Downtown Brooklyn, a traditionally “9-to-5” office district, is undergoing a rapid transformation led by numerous large-scale, mixed-use developments.