NEW YORK--(BUSINESS WIRE)--Alternative investment management firm Alpaca Real Estate (“ARE”) announced today that it has recapitalized The Axel, a 97% leased 29-story, 284-unit Class A trophy residential property in Brooklyn in a transaction valued at approximately $300M.
Situated adjacent to Barclays Center at the nexus of three of Brooklyn’s most sought-after neighborhoods – Fort Greene, Clinton Hill and Prospect Heights – The Axel is transit oriented with 13 subway lines within several blocks, and features skyline views along with resort-style amenities. The central location of the property has also attracted high-quality commercial tenants including Maimonides Hospital System with a full floor medical facility, Chick-fil-A’s second location in Brooklyn, and Hounds Town (pet care).
“We are thrilled to partner with Alpaca Real Estate on a fantastic asset that we have been involved with for over a decade,” said Jeffrey Gershon, Hope Street Capital. “New York continues to see strong housing demand and limited vacancy, and prime Brooklyn is particularly attractive as a thriving residential destination. The Axel sits in a stellar location that benefits from vibrant neighborhood restaurants and shops while also being a stone’s throw from Manhattan, positioning it well to benefit from the long-term trends driving growth across the Brooklyn multifamily market.”
“On behalf of our investors, Alpaca is excited to continue its investment in high-growth urban areas with the recapitalization of this premier project,” added Daniel Carr, Managing Partner of ARE. “Alpaca’s thematic approach focuses on properties with strong tailwinds, such as this structured investment in a core, high-quality multifamily tower in a gateway market. Jeff has developed a fantastic property and we are proud to partner with him on it going forward.”
Developed by Hope Street Capital and designed by Morris Adjmi Architects, The Axel features a mix of studio, one-, two- and three-bedroom apartments boasting floor-to-ceiling windows, premium finishes, high-end appliances, in-unit washers and dryers, and generous closet space.
Community amenities include a full-floor club level with conference rooms; a game lounge and terrace; a fitness center with a terrace; dedicated yoga and pilates studios; a dining and entertaining room with a terrace; a golf and sports simulator; a saltwater pool with sun deck; a sky park designed by landscape architect MPFP; an outdoor kitchen and barbecue area; and a stunning rooftop terrace with sweeping views of the city.
About Alpaca Real Estate:
Alpaca Real Estate is a real estate private equity firm where innovation meets real assets, maximizing the potential of traditional real estate investing. ARE utilizes a thematic investment approach to acquire and manage traditional and niche real estate investments with an emphasis on properties that require recapitalization, repositioning, strategic capital, and/or physical transformation. ARE integrates relationships fostered through Alpaca VC with innovative operating platforms to unlock asymmetric upside potential, creating option value in excess of traditional real estate business plans.
For more information, visit www.alpacarealestate.com.
About Hope Street Capital:
With over four decades of combined experience, the Hope Street Capital (“HSC”) team has extensive and wide-ranging experience in the development, management, leasing and sales of luxury residential, retail and office assets. Beginning with the identification of undervalued assets, through the design development phase, to the disposition of each asset, the team at HSC has experience of each investment phase stemming from over $2 billion in highly diverse transactions.
For more information, visit www.hopestreet.com.