Pacific Urban Buys Williamsburg Apartment Building From UDR for $128M

Pacific Urban Investors has purchased Leonard Pointe, a 188-unit apartment building in Williamsburg, Brooklyn, for $127.5 million, according to city records made public Wednesday.

The California-based Pacific Urban, through the entity Leonard Pointe, bought the seven-story residential property at 88 Richardson Street from UDR, which used the entity UDR Leonard Pointe, records show. The building one block south of McCarren Park also has an address of 395 Leonard Street.

Pacific Urban’s Arthur Cole and Robert Kennis signed for the buyer, while UDR’s H. Andrew Cantor signed for the seller, according to records.

JLL‘s Rob Hinckley, Jeffrey Julien, Steven Rutman and Ethan Stanton brokered the transaction. Pacific Urban declined to comment, while spokespeople for UDR and JLL did not immediately respond to requests for comment.

The apartment building between Lorimer and Leonard streets, and across from brewery Talea Beer Company, has studios starting at $3,182 per month, one-bedrooms starting at $3,666 per month, and two-bedrooms starting at $4,624 per month, according to StreetEasy.

The Brooklyn-based Rabsky Group, which bought the site in June 2012 for $18 million, sold Leonard Pointe to UDR in February 2019 for $130 million, The Real Deal reported. It’s unclear what exactly Pacific Urban plans to do with the residential property under its new ownership.

Leonard Pointe was completed in 2014 and features a community room with pool tables, a screening theater, a pet grooming area, a yoga studio and a gym, as Commercial Observer previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.