GLENDALE, CA--(Marketwire - May 15, 2012) - American Realty Advisors, a leading provider of real estate investment management services for institutional investors, announced today the acquisition of 111 Kent, a newly-developed 62-unit luxury apartment complex in the highly-desirable north Williamsburg submarket. The property has protected views of the Midtown Manhattan skyline and a waterfront park and is conveniently located within walking distance to various forms of public transportation, including multiple subways, year-round ferry service and a myriad of bus lines.
Completed in late 2011, the 100%-leased property offers residents high-quality features commonly found in high-end condominiums including 9'+ ceilings, floor-to-ceiling windows, stainless steel appliances, custom cabinets, and private balconies/terraces in the majority of units. On-site amenities include a state-of-the-art fitness center and yoga room, pool and roof deck with unobstructed 360° views, private storage lockers, tenant lounge area/game room, and plentiful garage parking. 111 Kent's premier location in Williamsburg provides residents with excellent accessibility to nearby restaurants, shopping and local attractions, including nearly seven acres of state and city parks located directly across from the property. As highlighted in the recent New York post article, "Waterfront and Center: Williamsburg Hotness is All About Kent Avenue," 111 Kent is at the heart of a vibrant redeveloped neighborhood and is considered one of the city's newest locations attracting young families seeking both comfort and value.1
American's EVP/Executive Managing Director, Kirk Helgeson, stated, "The acquisition of 111 Kent provided an excellent opportunity to invest in an exceptional waterfront multi-family building in one of the strongest growth submarkets in New York City. As demand continues pushing out of Manhattan, the prestigious Williamsburg market has emerged as the primary receiver of the growing tenant base. American's implementation of a proactive management strategy will help capitalize on the market's escalating rental demand and will likely generate favorable returns for our clients during the anticipated holding period."
American is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, and a leading provider of real estate investment management services to institutional investors. With over $4.5 billion2 in assets under management, American has provided real estate investment management services to institutional investors for over 23 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, retail and other properties nationwide, all of which are managed on behalf of American's clients. Information regarding American can be found online at www.americanreal.com.
1Dykstra, Katherine. New York Post, "Waterfront and Center. Williamsburg Hotness is All About Kent Avenue." http://www.nypost.com/p/news/business/realestate/residential/waterfront_and_center_mM2r12ZcSRFhNMGZCp9n1N/0. March 2, 2012.
2Assets under management represent approximate gross market value of all assets and accounts managed by American as of December 31, 2011 which includes cash and cash equivalents and excludes partners' share of equity and partners' share of debt on partnership investments.