Atlas Capital Buys KKR’s Apartment Tower at 80 Dekalb Avenue for $203M
By Isabelle Durso October 11, 2024 12:59 pm
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Atlas Capital Group has acquired KKR (KKR)’s 365-unit multifamily tower at 80 Dekalb Avenue in Fort Greene, Brooklyn, with KKR offloading the property for a nearly $13 million profit a little more than two years after buying it.
Atlas bought the 36-story building, which has 4,900 square feet of retail space and a 126-car parking garage, for $202.5 million, according to The Real Deal, which first reported the sale.
“We’re pleased to continue to invest in New York City by expanding our Brooklyn residential portfolio with 80 Dekalb Avenue,” a spokesperson for Atlas said in a statement. “We are confident that our operational expertise will allow us to continue providing a great tenant experience for current and future residents.”
JLL (JLL)’s Jeffrey Julien, Rob Hinckley and Steven Rutman, who brokered the deal for both the buyer and seller, declined to comment. Spokespeople for Atlas and KKR declined further comment.
KKR bought the Dekalb Avenue building with Dalan Management for $190 million in 2022 through a $132 million acquisition loan from State Street Bank and Trust Company, according to TRD. Atlas was able to assume KKR’s debt on the property, a source told Commercial Observer.
KKR and Dalan also worked together to buy a nearby rental tower at 540 Fulton Street for $240 million in July, TRD reported.
Completed in 2010, the apartment tower at 80 Dekalb Avenue is fully occupied and features amenities such as a fitness center, a playroom for kids, and close proximity to restaurants and public transport, according to Atlas.
The building is Atlas’ second purchase in Brooklyn, following its 2021 acquisition of The Denizen, a luxury multifamily project at 54 Noll Street and 123 Melrose Street in Bushwick. The Denizen was acquired for $506 million as part of former owner All Year Management’s bankruptcy proceedings, the firm said.
Atlas also said it’s in the midst of co-developing a luxury condominium at 80 Clarkson Street in the West Village, which is expected to include approximately 100 units within two towers.
Isabelle Durso can be reached at idurso@commercialobserver.com.
