Brightshore Capital LP, the firm previously known as GTIS Partners, has expanded its multifamily holdings with the acquisition of DŌMI, a newly built luxury apartment property in Long Island City. The 190-unit community is located at 29-24 40th Ave. and was purchased for slightly more than $143 million. The transaction was completed through Brightshore’s Opportunity Zone Fund II, aligning the investment with the firm’s strategy of targeting qualified opportunity zone assets.
The acquisition was capitalized with a $98.5 million loan provided by Affinius Capital. The debt was structured to support Brightshore’s long-term hold thesis for the property within an opportunity zone framework. The seller was a joint venture consisting of SB Development, Hazelton Capital Group and Avenue Realty Capital, which brought the asset to market after delivering the newly constructed luxury community.
Brightshore highlighted Long Island City’s ongoing evolution as a key factor in the investment decision. According to Rob Vahradian, partner at Brightshore, the neighborhood has experienced sustained residential growth supported by convenient access to Manhattan, strong transportation connectivity and continued investment in local infrastructure and neighborhood amenities. He noted that these factors, combined with what he characterized as limited opportunities for new residential development in the area, contribute to an attractive setting for long-term capital deployment.
The sale process was handled by Newmark’s Investment Sales Team, led by Eric Roth, Daniel O’Brien, Adam Spies and Adam Doneger, who arranged the disposition of DŌMI on behalf of the selling joint venture. On the financing side, the Newmark Debt & Structured Finance Team of Jordan Roeschlaub, Christopher Kramer and Max Ralby arranged the loan from Affinius Capital for Brightshore. The coordinated investment sales and debt placement assignments underscore ongoing capital markets engagement for high-quality, newly constructed multifamily assets in established urban neighborhoods.
DŌMI’s status as a newly developed luxury property, combined with its opportunity zone designation and location in a dense, transit-served neighborhood, positions the asset as a long-term hold within Brightshore’s portfolio. While specific operating metrics and property-level details were not disclosed, the combination of institutional equity capital, structured through an opportunity zone vehicle, and a sizable loan from an institutional lender reflects continued investor and lender interest in newer, well-located multifamily product in Long Island City.
