Delshah Capital buys Williamsburg rentals for $76M
After restructuring its balance sheet, Delshah Capital is back on the acquisition path. Delshah bought 34 Berry Street in Williamsburg, Brooklyn, from LCOR for $76 million, the Commercial Observer reported. The deal for the 142-unit multifamily building works out to $535,000 per unit. LCOR scored a sizable premium in the deal, having purchased the property two years ago for $53 million. Ares provided $62.3 million in acquisition financing to Delshah. The property came online in 2010, featuring a majority of studio apartments with a mix of one- and two-unit spreads. Complete with a rooftop terrace and a resident lounge, Delshah […]
This article originally appeared on The Real Deal. Click here to read the full story.
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