Partnership led by The Dermot Company purchases The Vitagraph, a 302-unit Brooklyn, NY rental property

The Vitagraph, a 302-unit luxury rental property
in the Midwood neighborhood of Brooklyn, NY

 

 NEW YORK, NY – JLL Capital Markets has announced the sale for an undisclosed price of The Vitagraph, a 302-unit luxury rental property in the Midwood neighborhood of Brooklyn.

 JLL arranged the sale on behalf of Northlink Capital, the New York City based development firm, to a partnership between The Dermot Company, Principal Real Estate Investors and Dutch pension fund PGGM.

 Jeffrey Julien

Constructed in 2019, the eight-story building features one-, two- and three-bedroom apartments with high-end finishes, in-unit washer/dryers and private terraces. 

The property also boasts best-in-class amenities, which include an indoor and outdoor kids play area, lavish courtyard, 24-hour doorman, on-site indoor parking garage, business center, state-of-the-art fitness center and rooftop patio.

 Situated directly across the street from the Avenue M subway station (Q), residents are a 30-minute ride from Lower Manhattan and less than 20-minutes from Downtown Brooklyn.

 The Kings Highway and Coney Island Avenue retail corridors are nearby and Avenue M, with its many popular restaurants and shops, is within walking distance.

Steven Rutman

The JLL Capital Markets team that completed the transaction was comprised of Jeffrey Julien, Steven Rutman, Ethan Stanton, Rob Hinckley, Brendan Maddigan and Stephen Palmese.

 “The Vitagraph represents the most attractive of Brooklyn’s multi-family assets with its abundant amenities, premier location and affordability compared to pricier Brooklyn neighborhoods,” said Rutman.

“This property is situated in a submarket set to achieve outsized rent growth as demand outweighs the supply of larger units and luxury amenities,” added Stanton.

 “Northlink built a high-quality property in a dynamic, transit-oriented neighborhood,” said Andrew Levison, Partner and Managing Director at The Dermot Company.

 “Dermot is excited to bring its full suite of services to The Vitagraph to enhance the living experiences of the residents.”

Ethan Stanton

According to market reports, Brooklyn rents have reached record highs since the COVID crash. 

In Brooklyn, rents were 14 percent higher in the first quarter of 2022 compared to the year before, while occupancy sits at nearly 97%, according to JLL Research.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

Rob Hinckley

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 For more news, videos and research resources on JLL, please visit our newsroom.

About The Dermot Co.

The Dermot Company, based in New York City, was formed in 1991 as a real estate investment and management company focused on multi-family sector opportunities.  

The company has evolved into a fully integrated real estate company employing over 100 real estate professionals in investment, finance, management and development.  Dermot currently manages approximately $3.5 billion in assets and owns, hold investments in or manages approximately 5,000 apartments.

 

Brendan Maddigan 

About Principal Real Estate Investors

Principal Real Estate Investors is the dedicated real estate investment group within Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. 

As a top 10 global real estate manager¹ Principal Real Estate Investors has more than 60 years of real estate investment experience². 

The firm’s capabilities span the spectrum of public and private equity and debt investments, and it manages or sub-advises $105 billion in commercial real estate assets (as of December 31, 2021).

Stephen Palmese

¹ Managers ranked by total worldwide assets (net of leverage, including contributions committed or received, but not yet invested, REIT securities are excluded), as of 30 June 2021. “The Largest Real Estate Investment Managers,” Pensions & Investments, 4 October 2021.

 ² Principal Real Estate Investors became registered with the SEC in November 1999. Activities noted prior to this date were conducted beginning with the real estate investment management area of Principal Life Insurance Company and later Principal Capital Real Estate Investors, LLC, the predecessor firm to Principal Real Estate Investors.

 

Andrew Levison

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

CONTACTS:

Jenna Sharp

Jenna.Sharp@am.jll.com

  jll.com.

George Shea, Linda O’Flanagan

Company: Shea Communications

Phone: +1 760 519 4596

Email: Linda@sheacommunications.com