Doug Steiner of Steiner Studios has acquired another residential development for his firm’s portfolio. This one, at 142 North 6th St. in Williamsburg, is a fully-leased rental conversion.
The sale price was $38 million, according to David Behin of MNS, who served as the sole broker through his firm’s Investment Sales and Capital Advisory (ISCA) Division.
The seller was the Read Property Group.
“Although originally envisioned as a condominium, the Williamsburg market is experiencing an unprecedented rental demand, making 142 North 6th St. more valuable as a rental and a more profitable investment property,” said Behin. “We expect to see more deals of this nature in the surrounding area as inventory is tight and investors compete for acquisitions of multifamily buildings.”
Known as the Jardin, the two-building, 44-unit luxury development with entrances on both North 5th and North 6th streets, has a mix of duplex, studio, one-, two- and three-bedroom units.
Amenities include a fitness center, a common roof deck and landscaped courtyard, as well as onsite parking. In addition, there are two retail stores.
“The property was leased up in weeks prior to being marketed for sale, so we see good upside in rental rates,” said Steiner. “The building is well-built, has great layouts and design and the location is fantastic.”