05 May STERLING PORTFOLIO
Posted at 02:15h in Current, sterling portfolio
Acquired: May 2016
Location: Brooklyn, NY
Constructed between 1908-1925, the Sterling Portfolio is comprised of six pre-war properties located in the Park Slope, Prospect Heights, and Ditmas Park neighborhoods of Brooklyn, New York. The portfolio encompasses 71 total units acquired off-market in May 2016. Leverage was built-in from the strength and desirability of the market, based on Brooklyn’s average 8.5% year-over-year growth in residential rents during the preceding 5 years. The value creation proposition was enhanced by the fact that rents were priced well below market at acquisition. The preservation of the pre-war facades combined with the modern interior renovations has resulted in a unique product, increasing demand and maximizing returns.