DelShah Capital sells 902-908 Bedford Avenue in Brooklyn to Springhouse Partners for $18.2 million

DelShah Capital, LLC, a full-service real estate debt acquisition, development and management company, today announced it has sold 902-908 Bedford Ave. to Springhouse Partners for $18.2 million. The 44-unit apartment complex is located five blocks west of Pratt Institute. DelShah purchased the building in 2007 for $15.41 million, subsequently performing significant capital improvements including construction of an outdoor deck, roof replacement, creation of a tenant lounge, and security cameras installed throughout the property. It also converted 10 units in the building to student housing, with rents increasing an average of over 25% from pre-furnished levels. 902-908 Bedford Ave. is located in an upcoming area of Brooklyn, with convenient access to the major public transportation hub at Atlantic and Flatbush Avenues and just 15 minutes from Manhattan. In addition to Pratt Institute, the building is located three subway stops from Long Island University. "Conversion of the remaining units in the building presents an attractive investment opportunity for the buyer, due in large part its proximity to Pratt Institute, a leading design and architecture college with more than 4,500 students," said Michael Shah, Principal of DelShah Capital. "We, however, want to focus on our efforts in Manhattan."