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| 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.
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| Jeffrey Julien |
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
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 |
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 |
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 |
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.
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| Andrew Levison |
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
George Shea, Linda O’Flanagan
Company: Shea Communications
Phone: +1 760 519 4596
Email: Linda@sheacommunications.com
