700 Atlantic Ave

700 Atlantic Ave was purchased in 2011 and the entire transaction from contract to closing took place in under 15 days. The property is steps away from Barclays center and the Atlantic terminal mall which was being developed at the time. The location and development in the area was a key driver in purchasing this property and our quick execution gave us the ability to purchase the property for a below-market price. The property was a 3-story building that was built in 1906 and features sturdy, old-school brick exteriors and soaring 16-foot ceilings. As part of the operating plan the property was marketed and sold in 2012. The IRR on this transaction was 55%