NEW YORK—United Realty Trust, through a joint venture with the seller, has acquired Tilden House, a 117-unit residential apartment property at 2520 Tilden Ave. in Brooklyn, N.Y. for $22.9 million. Currently, Tilden House is leased to a community development corporation that has entered into a services agreement with the City of New York to provide transitional housing for families.
Constructed in 2007, Tilden House is a nine-story multifamily property with approximately 86,360 sq. ft. of space in the East Flatbush area of Brooklyn. In addition to its apartment units, Tilden House includes community space and indoor/outdoor parking.
"Tilden House represents the typical investment profile for the first of our dual investment strategies,” said Jacob Frydman, CEO and chairman of United Realty Trust. “It is a stabilized income-producing property with an inflation-protected underlying lease."