"In addition to the property's inherent value and significant upside, the price appreciation can be attributed to the strength of the Clinton Hill neighborhood and the robust demand for these types of elevator buildings, especially in the vicinity of Washington Avenue," Sadaghati tells GlobeSt.com. "The Brooklyn multifamily market is extremely hot and more and more young professionals are moving to this neighborhood, with its proximity to Manhattan."

Adds Yankelovich, “The current owner added value to the property by renovating several units and adding bathrooms, thus increasing rents. They were also able to create a few more vacancies, which will be undergoing renovations shortly and will increase revenue potential.”

He continues, “As Akelius USA sought to continue to add to its New York City portfolio, we connected them with this off-market multifamily building that provided the stable investment opportunity they were seeking. There are very few sizable quality apartment buildings available for sale in the prime parts of Clinton Hill, and Akelius was eager to acquire a property with such potential for revenue.”

“To date, not many pre-war buildings like this one have traded in Clinton Hill,” notes Sadaghati. “DSA ultimately chose to sell the property as the value has gone up tremendously within a short period of time, and decided to transition into another deal.”