Madison Realty Capital sells four-building property for $24.25 million; Jungreis of Rosewood reps buyer, Acuity Capital and seller

Madison Realty Capital (www.madisonrealtycapital.com), an institutionally backed real estate private equity firm and asset manager focused on real estate equity and debt investments in the middle markets, arranged the sale of a four-building multifamily property, located on West 111th St. for $24.25 million to Acuity Capital Partners. Josh Zegen, co-founder and managing member of MRC, made the announcement. Madison initially purchased distressed loans on the four adjacent buildings, located at 136, 140, 144, 148 West 111th St. respectively, for $11.75 million in May 2011. After navigating through the bankruptcy and the foreclosure process, MRC acquired the property title at auction in July 2011. The company then executed an aggressive renovation and repositioning plan to upgrade and modernize the property overall, which included a complete renovation of 20 apartment units. Overall, the four buildings represent a total of 55,000 s/f with 65 apartment units. "This transaction is a perfect example of how Madison utilizes its industry-leading vertically integrated platform to maximize property value during ownership," said Zegen. "After purchasing the debt and acquiring the title at auction for these four buildings, we were able to reposition and transform the entire property in less than three years through our comprehensive asset management capabilities. The end result is a significant return on investment with the successful disposition of this multifamily asset." Aaron Jungreis of Rosewood Realty Group represented the buyer, Acuity Capital Partners and the seller.