Spring Creek Towers comprises 5,881 apartments in 46 buildings. Spanning 153 acres, the complex stretches along Pennsylvania Avenue just north of the Belt Parkway in Brooklyn, NY.

Every apartment is subsidized to maintain affordability. Approximately 60% of the units participate in HUD's Section 8 rental assistance program, and the remaining 40% participate in HUD's Section 236 interest rate reduction program and the New York State Division of Housing and Community Renewal's Mitchell Lama program. The development has a standalone power plant, 90 public safety workers, a 100,000 square-foot fitness and community facility, 125,000 square feet of retail space and over 100 acres of community parks and green space.

As previously reported in GlobeSt.com, plaintiffs filed a lawsuit, trying to stop Starrett City Associates general manager Carol Deane from selling the property to Brooksville and Rockpoint. The plaintiffs included Carol's four step-children and minority interest shareholders.

Carol had inherited Starrett City from her husband Disque D. Deane. The New York Times had reported on the drama involved with the property: Carol met Disque through his daughter Marjorie, who was her college roommate. His divorcing his wife for Carol had estranged his four children.

The lawsuit alleged the process in marketing the property was flawed and the $905 million sale price was too low. However, the judge ruled against the dissident shareholders, allowing the sale to proceed.

“The commitment by Brooksville and Rockpoint to invest in the infrastructure of the site, insuring the delivery of essential services for many years to come, and in maintaining the quality of life residents have enjoyed and expect, and, importantly, to extend the affordability, for the 15,000 residents who call Spring Creek Towers home was a major factor in moving ahead with the sale,” says Deane.

Douglas Harmon, chairman of capital markets for Cushman & Wakefield, the exclusive advisor on this transaction, says, “The prime location of this asset, coupled with the fact that there will be significant investments and improvements made, was clearly a win-win for both parties.”

Since announcing its intent to purchase Starrett City in September 2017, Brooksville and Rockpoint have met with the tenants association and local elected officials to learn more about the property and determine capital investment priorities. One of the most immediate concerns was the condition of the power plant. In response, Brooksville and Rockpoint have committed to substantial upgrades to the power plant, including the addition of back-up power and an overhaul of the community's underground piping system.