Real Estate Equity Fund Buys Downtown Brooklyn Rental for $154M  


Multi-Employer Property Trust, an equity fund, has purchased a 271-unit, two-building structure in Downtown Brooklyn for $154.3 million from Chicago-based Waterton Associates, according to city records made public today.

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The property, which is at 236 Livingston Street and also known as The Addison, is comprised of two residential towers that include 6,600 square feet of ground-floor retail and a 109-spot parking garage below grade.

“This acquisition aligns with the core strategy of MEPT, which is to invest in primary, knowledge-based markets throughout the U.S.,” David Antonelli of advisory firm Bentall Kennedy and who serves as the portfolio manager of MEPT, said in a Dec. 16 press release. The Bentall release didn’t include the price of the transaction, which closed on Dec. 15.

The two-building structure at 236 Livingston Street, which was constructed in 2011, has studios and one- and two-bedroom apartments, with an average monthly rent of $3,444, according to StreetEasy.

Waterton Associates did not immediately respond to a request for comment. Rob Hinckley and Andrew Scandalios of HFF represented Waterton Associates in the transaction.