Coveted complex fetches $20m.Besen & Associates, Inc. represented an undisclosed seller in the recent $19.5 million sale of The Clarendon Gardens Portfolio to KMG KMG Kerr-McGee KMG Koi Mil Gaya (Hindi movie) KMG Kunming, China - Kunming (Airport Code) KMG Kent Messenger Group (UK) Partners. The seven building complex is located at the intersection intersection /in·ter·sec·tion/ (-sek´shun) a site at which one structure crosses another. intersection a site at which one structure crosses another. of Avenue D and Kings Highway in East Flatbush, Brooklyn East Flatbush is a neighborhood in the New York City borough of Brooklyn. The area was populated post World War II predominantly by immigrant Jews and Italians, then in the 1960's by African Americans, but most recently has seen many West Indian immigrants such as Jamaicans, . Kali Valenzuela and Shallini Mehra brokered the sale of this property. The property includes two two-story apartment buildings and five three-story apartment buildings. There are 224 apartments with on-site parking. Built in 1952, these buildings occupy 195,000 s/f on 5 acres--spanning an entire city block. "This transaction is unique as garden apartment complexes for sale in the boroughs are hard to find and tenant demand for this type of apartment living is high," said Mehra. Clarendon Gardens was under a 17 year ownership and very well maintained. The property boasts an average occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) of 99%, a friendly community atmosphere, and garden-style landscaping. "This deal offers tremendous upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside for the purchaser, as rents were approximately 20% below market at the time of trade," said Valenzuela. |
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