Canvas Investment Partners and Tokyu Land US have closed on the $112.8-million acquisition of 436 Albee Square, a 150-unit multifamily property located in Downtown Brooklyn. The seller was Spencer Equity,
Less than a month ago, the partnership between Canvas and Toyku Land US purchased 210-220 E. 22nd St. in Manhattan for $104.5 million from PGIM Real
Estate as part of an ongoing joint venture to acquire attractive assets across Manhattan and Brooklyn. Aaron Jungreis and Alex Fuchs from Rosewood Realty Group brokered the Albee Square deal, while Blank Rome’s Samantha Wallack and Ashley Fleishman oversaw the sale via their representation of Canvas.
“This acquisition is an ideal addition to our programmatic relationship with Tokyu Land US,” said Robert Morgenstern, founder of Canvas Investment Partners. “The property sits on a long-term tax abatement and we are constantly looking to acquire attractive yields, utilizing low leverage to create above-market cash flow across our expanding portfolio”