Deal traded at around a 5% cap rate
The Sharrati family has acquired 119-123 Kent Avenue from CW Realty Management, Joyland Group + Meral Property Group for $22.5 million. The three contiguous properties span 15,510 square feet, and contain 17 apartments, plus three ground-floor retail units.
Dig Deeper: A source close to the deal emailed us that the Williamsburg property traded at around a 5 cap. Nice turnkey asset with steady cash flow.
Worth Noting: In a separate deal, Adam America acquired the property’s inclusionary air rights for $1.75 million, according to TRD.