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lpaca Real Estate has invested $300m (€276m) in The Axel, a 29-storey residential tower in Brooklyn's prime area. The investment firm recapitalised the property from Hope Street Capital, which developed the 284-unit building featuring studio to three-bedroom apartments.
The property is 97% leased and boasts a desirable location near vibrant restaurants and shops, as well as proximity to Manhattan. This positions it well for long-term growth in Brooklyn's multifamily market. Jeffrey Gershon of Hope Street Capital expressed enthusiasm about partnering with Alpaca Real Estate on the asset, citing strong housing demand and limited vacancy in New York.
Daniel Carr, managing partner of Alpaca Real Estate, stated that the firm is excited to continue investing in high-growth urban areas through this recapitalisation. He highlighted The Axel's core, high-quality multifamily tower as a prime example of Alpaca's thematic approach, focusing on properties with strong tailwinds.
