In partnership with the USAA Real Estate Company, Madison Realty Capital (MRC) has announced plans for a $88.5-million multifamily development in Brooklyn, N.Y. The project will include an eight-storey, 191-unit apartment building with studio, one- and two-bedroom residences and ground floor retail space.
“This was a unique opportunity to assemble a large site and develop an institutional quality multifamily development with tremendous growth potential in this popular Brooklyn residential neighborhood,” says Josh Zegen, Co-Founder and Managing Principal of MRC. “Limited supply coupled with enormous demand for quality market rate and affordable housing product in this area, and the development’s 421a tax benefit, makes this project an ideal fit for our overall investment strategy, and exemplifies our ability to identify and maximize quality long-term investments with strong upside. MRC and our partner USAA Real Estate Co. look forward to its completion.”
In order to develop the project, MRC acquired four properties and development rights from neighbouring properties. The 170,918 square foot site will include approximately 27,515 square feet of amenity and storage space for tenants as well as 96 parking spaces below ground level.
“This transaction reinforces USAA Real Estate Co’s succinct Build to Core strategy of investing in Class A, urban in-fill, transit-oriented, multi-family, ground-up developments in high barriers to entry, growth markets across the U.S.,” says Hailey Ghalib, Managing Director of Multi-Family Development for USAA Real Estate Company.