Alpaca Real Estate (ARE), an alternative investment management firm, recently completed a recapitalization of The Axel in Brooklyn. This Class A trophy residential property is 97% leased and consists of 29 stories and 284 units. The total cost for the project was approximately $300 million. Developed by Hope Street Capital, the property is located next to Barclays Center.
Jeffrey Gershon from Hope Street Capital expressed excitement about partnering with ARE on this exceptional asset that they have been involved with for over ten years. He also highlighted the prime location of The Axel, which benefits from its proximity to popular restaurants and shops in a vibrant neighborhood as well as being just a short distance away from Manhattan. This makes it well-positioned to benefit from long-term growth trends in Brooklyn’s multifamily market.
Daniel Carr, managing partner at ARE, added that their thematic approach focuses on properties with strong potential for growth such as this core investment opportunity in one of New York City’s top markets for multifamily real estate development. He also praised Jeff’s work on developing such an impressive property and expressed pride in partnering with him on this project.
In summary, Alpaca Real Estate has joined forces with Hope Street Capital to successfully recapitalize The Axel – a premier Brooklyn multifamily building – through strategic investments totaling $300 million.
