BROOKLYN, NY - Forest City Realty Trust announced that a joint venture between the company and Madison International Realty has closed the acquisition of Forest City's partner's 49 percent interest in DKLB BKLN, a 365-unit apartment community located at 80 DeKalb Avenue in Brooklyn, New York. Forest City, which owns the remaining 51 percent interest, developed the property in partnership with a comingled fund managed by National Real Estate Advisors, LLC (National). DKLB BKLN opened in 2009.
The transaction values National's share of the property at a total of $93.5 million, including assumption of debt.
"Brooklyn continues to be one of the strongest rental apartment markets in the country, and DKLB BKLN has quickly become both a landmark in the Fort Greene neighborhood and a valuable and productive asset for our company," said David J. LaRue, Forest City president and chief executive officer. "All of that makes acquiring our partner's interest a compelling opportunity and a low-risk capital allocation decision."
The New York City metro area is Forest City's largest core market by net operating income. In addition to DKLB BKLN, the regional portfolio includes the 11-building MetroTech Center office campus in Brooklyn, the New York Times Building and New York by Gehry in Manhattan, and the Tata Innovation Center at Cornell Tech on Roosevelt Island, among other properties.
Forest City Realty Trust, Inc. is a NYSE-listed national real estate company with $8.0 billion in consolidated assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States.