Jungreis and Berger of Rosewood Realty rep buyer and seller in $31 million sale; For four apartment buildings in the Lefferts Gardens section totaling 225,000 s/f

Rosewood Realty Group has brokered the $31 million sale of four apartment buildings in the Lefferts Gardens section. The off-market deal consists of four, six-story elevator buildings with 250 units plus 30 retail stores. The buildings include: 10 Midwood St., 50 and 64 Lincoln Rd. and 2121 Beekman Place. The properties s/f totals 225,000 s/f, with 196,000 s/f of apartment living and 29,000 s/f of retail along Flatbush Ave. The properties are located one block from Prospect Park and near the Crown Heights neighborhood. The buyer is a local operator with a large portfolio in N.Y. and the seller is an institutional investor. The deal sold at a per unit price of $110,000, $137 per s/f and a multiple of nine times the rent roll. Aaron Jungreis and David Berger of Rosewood Realty Group represented the buyer and the seller. "The area is rapidly gentrifying and is attracting a younger demographic," said Berger, managing partner at Rosewood Realty Group. "There's a new breed of retailers who are looking for good opportunities with the changing demographics." Berger described the deal as a "win-win for both buyer and seller." "The seller was able to effectively reposition the property over the last few years and capitalize on the strong demand for assets of this type," said Berger. "The purchaser has a large portfolio in the area and moved rapidly to secure the deal once the seller was ready to proceed, since properties such as these rarely trade lately." Rosewood Realty Group, a commercial brokerage firm founded in 2007 by Jungreis and Berger, specializes in multifamily and office buildings with activity focused in New York, New Jersey, Connecticut and Florida. So far this year, the company has closed over 17 Brooklyn buildings.