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Brokerage
Posted: January 22, 2019
Johnston, Cheng and Kirk of B6 Real Estate Advisors arrange $24.6 million sale of nine-building portfolio
B6 Real Estate Advisors
Brooklyn, NY According to DJ Johnston, partner and managing director at B6 Real Estate Advisors, his team has closed on the $24.6 million purchase of a nine-building multifamily portfolio in Bedford-Stuyvesant. Alchemy Ventures purchased the portfolio from IWC General Partners.
The properties, which total 81 untis and 52,136 s/f, include: 879 DeKalb Ave., 419 Marcus Garvey Blvd., 421 Marcus Garvey Blvd., 654 Putnam Ave., 319 Malcolm X Blvd., 829 Halsey St., 804 Macon St. 808 Macon St., and 814 Macon St.
This portfolio was originally put under contract while this team was at Cushman & Wakefield. Johnston’s team also included William Cheng and Bryan Kirk, all of B6 Real Estate Advisors.
“This closing is an example of two sophisticated parties working very diligently to arrange a sale that was mutually beneficial to both sides. A portfolio sale like this presents a great opportunity to purchase a sizable investment in a consolidated area while keeping property tax exposure low,” said Johnston.
“Negotiating a nine-building portfolio takes time, over six months in this case, and entails a significant amount of due diligence review. Without full transparency and a willingness to work with investors, these transactions are unlikely to succeed in today’s ever-changing multifamily market. Brokers are more important than ever when it comes to ensuring that building information is properly compiled and presented to potential buyers. Our team at B6 is highly skilled in this regard and we were able to assist, facilitate and execute on behalf of both parties in an efficient manner.”
In the past few years, Johnston’s team has sold five separate multifamily portfolios in Bedford-Stuyvesant and Crown Heights, totaling over 40 buildings and nearly $175 million in value.
”This transaction well represents our methodology of acquiring value add real estate in targeted markets of New York City. We are very pleased to add this package to our growing portfolio,” said Samuel Kooris, principal of Alchemy Ventures.
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