print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Commercial Real Estate News

Akelius Acquires Another Apartment Asset

Rosewood Brokers $44M Sale of 200 Units in Crown Heights
May 18, 2015
Swedish firm Akelius Real Estate Management Ltd. acquired the 200-unit multifamily building at 805-821 Saint Marks Ave. in Brooklyn, NY from Burke Leighton Asset Management for $44 million, or $220,000 per unit.

The six-story, 171,993-square-foot elevatored building was constructed in 1925 on one acre in the Crown Heights submarket of Kings County. It is comprised of a mix of rent-stabilized and rent-controlled apartments, with asking rents between $700 and $1,700 per month. The asset traded at 18.85x the current rent roll.

The seller, a local investment firm led by Freddy Sayegh, doubled its money in just two short years, paying $22 million for the property in June 2013, according to CoStar data.
See CoStar COMPS #2807999.

The buyer has been active in the New York market, amassing some 500 residential units to date. This month it paid $167.5 million for the 17-story Peters Field Apartments in Gramercy Park. Earlier this year the Stockholm-based investor closed on its first multifamily acquisition in the U.S., paying $13.1 million for another Crown Heights building and launching a $1 billion U.S. multifamily buying plan.
See CoStar COMPS #3294824 and #3270683.

Aaron Jungreis with Rosewood Realty Group represented Burke Leighton Asset Management in the sale. Billy Billitzer, also with Rosewood Realty, represented Akelius.

Please see CoStar COMPS #3297405 for additional information on this transaction.
GET IN TOUCH        Contact CoStar News Team:

 Find us on 

Welcome To CoStar's
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News