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Related Makes $60M Williamsburg Rental Play

Related Makes $60M Williamsburg Rental Play

Related Fund Management, an affiliate of Related Cos, has picked up three rental buildings in the southern and eastern portions of Williamsburg for $60M.

The seller of 164 and 181 Havemeyer St and 442 Lorimer St was a JV between Rockpoint Group and Urban American. The properties total 104 units, and include some rent-stabilized units as well as some ground-floor retail space, according to The Real Deal.

Hodges Ward Elliott’s Will Silverman and Daniel Parker (that’s Will above, on the left, with Daniel, on the terrace at HWE’s Midtown office) repped the sellers with their colleague Paul Gillen.

Related has been beefing up its presence in the outer boroughs, with deals like a recent 737-unit portfolio in the Bronx that it picked up for $112.5M back in December.

It was the second multifamily portfolio deal closed by HWE's non-hotel brokerage team, which was established roughly a year ago. [TRD]