AvalonBay sells Sheepshead Bay rental for $75M

Residents of a 180-unit rental building in Sheepshead Bay will soon be saying hello to a new owner: Bonjour Capital. The privately held real estate investment firm acquired the apartment portion of 1501 Voorhies Avenue in the Brooklyn neighborhood for $75 million, the Commercial Observer reported. The seller was the prominent multifamily real estate investment trust AvalonBay Communities. A Newmark team including Adam Spies, Dan O’Brien and Adam Doneger represented AvalonBay in the deal, which worked out to $417,000 per unit. Both buyer and seller did not respond to the outlet’s request for comment. AvalonBay and Muss Development filed plans […] This article originally appeared on The Real Deal. Click here to read the full story.