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Praedium Group buys Brooklyn Heights multifamily portfolio

Five contiguous apartment buildings in Brooklyn Heights, N.Y., now belong to real estate investment firm Praedium Group LLC. The firm paid Prudential Real Estate Advisors $16.5 million for 10-30 Columbia Place and 24-32 Joralemon St., both walk-up buildings built over 100 years ago. Praedium partnered with Pinnacle Realty Company on the acquisition.

Praedium focuses on acquiring underperforming and undervalued assets throughout North America, especially those middle-market properties that cost less than $75 million. Early in 2000, Praedium acquired a 90-unit apartment building here in Brooklyn Heights.

"This is an opportunity to invest in an asset within a strong residential market with rents that are significantly below market levels," says Frank Patafio, CFO of Praedium.

The buildings are 99 % leased, according to Praedium and include ground-level retail space and on-site parking.

The purchase is Praedium’s first acquisition under a recently closed $465 million real estate private equity fund, Praedium V. The Fund has also seen a handful of other acquisitions over recently, among them a 1,000-unit apartment building in the Bronx, N.Y., and an 85,000 sq. ft. office building in San Diego.

"We’ve had a successful track record with Pinnacle of acquiring, efficiently managing and improving both rent-stabilized and rent-controlled properties and are very pleased to be working with [Pinnacle] again," says Patafio.

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