Atlas Capital Group is expanding its presence in New York City by acquiring an apartment building in Brooklyn for $202.5 million. That is slightly above the $190 million that seller KKR in partnership Dalan Management, originally purchased the property for, according to a report from The Real Deal.
The 365-unit tower, known as 80 Dekalb, features 365 rental units and is located in Fort Greene. Monthly rents range from $2,700 to just over $10,000, according to Apartments.com. Options for tenants include studios, as well as one and two bedrooms. The size of the units ranges from 435 square feet to 1,119 SF.
Plus, amenities are included such as a pet-friendly environment, an elevator, a fitness center, a barbecue and picnic area, and laundry facilities.
“We’re pleased to continue to invest in New York City by expanding our Brooklyn residential portfolio with 80 Dekalb Avenue,” an Atlas spokesperson said in a statement.
“We are confident that our operational expertise will allow us to continue providing a great tenant experience for current and future residents.”
Another property that Atlas operates in Brooklyn is Wythe Avenue in Williamsburg, which takes up 34,626 square feet of retail space. Plus, it owns The Denizen, a 912,000 SF luxury multifamily asset, in Bushwick. The real estate investment firm’s portfolio also extends to various other assets in New York City including in the neighborhoods of SoHo, West Chelsea, Upper West Side, Long Island City, and West Village.
New York in July remained the top market in the country for multifamily starts, with 30,618 units permitted, according to RealPage of U.S. Census Bureau and Department of Housing and Urban Development data. That’s up 20 percent from the same month last year and more than five percent from June. Meanwhile, the national number for multifamily starts was down 21.8 percent from July 2023, but up 11.7 percent compared with the previous month.
Outside of the metro area, Atlas has a major presence in California. Since its founding in 2006, the company has poured more than $4 billion into 65 real estate investments.