Besen & Associates has arranged the $22.9 million sale of a nine-story, 86,360-square-foot city-run transitional housing facility for homeless families at 2520 Tilden Avenue in East Flatbush, Brooklyn.
Known as Tilden Hall, the nine-story residential building one block east of Bedford Avenue features 117 apartments and rests in a neighborhood characterized by row houses, cottage homes and an array of mom and pop stores.
It is leased to Highland Park Development, which signs bi-yearly service agreements with the city and its Department of Homeless Services to provide transitional housing, counseling and rehabilitation programs for families in need, which made the transaction stickier than your average multifamily deal, but also more promising for the buyer, United Realty Trust.
“The due diligence was more complex than your standard multifamily transaction,” said Greg Corbin of Besen & Associates, who arranged both sides of the transaction with business partner Amit Doshi. “United Realty Partners acquired great bricks with an outstanding cap rate.” Read More