According to a release, the JV will target an overall IRR of approximately 20% via the acquisition and strategic disposition of well-located, middle class multifamily properties. The plan is to pursue properties in commuter-friendly neighborhoods with repositioning potential, target opportunities in broken-condominium properties and purchase select below-par, performing or non-performing whole loans. Handling the transaction for CAS will be the Carlton Group's Michael Campbell, Steven Fenster, John Bralower and Tom Graziano.

Currently, the Dermot Co. has more than $1.1 billion of assets under management. Among its multifamily properties is One Hanson Place, also known as the Williamsburgh Savings Bank Building, still the tallest building in Brooklyn and among the tallest four-sided clock towers in the world.