NEW YORK CITY—Taconic Investment Partners and Ares Management have sold the remaining 318 units in their popular Brooklyn residential complex, MeadowWood at Gateway. Located at 12205 Flatlands Ave., the group of units at the moderate-income complex traded for $53 million and was bought by the Pinnacle Group.

Aaron Jungreis, president of Rosewood Realty Group, represented Taconic in this transaction. It was unclear at press time whether Ares and Pinnacle had outside representation or brokered the deal in house.

Pinnacle manages multifamily properties throughout the city, primarily rent-regulated housing.

Taconic and funds managed by Ares originally scooped up MeadowWood's 983 unsold condos—out of the 1,152 units in the complex—in 2006. Following the purchase, the firms invested over $40 million in extensive renovations to the development.

The renovations included new windows and patio doors; energy efficient heating systems as well as refurbished lobbies and security enhancements. In addition to the exterior improvements, the apartment interiors were also completely renovated once the apartments hit the market in 2007. As a result, MeadowWood was one of Brooklyn's top selling condominiums in 2009.

Taconic and Ares originally acquired the units in the midst of the economic downturn. Despite the timing, says Taconic COO Peter Febo, “Not only was our partnership able to make massive capital improvements but we were able to maintain the momentum in the first few years and make strides, all while keeping our one goal in mind—affordable home ownership in New York City.”

MeadowWood also has become Brooklyn's largest condominium conversion project. The property has units varying from studios to four-bedroom homes.

”The results of our joint efforts are that approximately 650 families now own quality homes in a community that continues its revitalization process,” adds James Simmons, partner at Ares.