The Dermot Company, Principal Real Estate Investors and Dutch pension fund PGGM have acquired The Vitagraph, a 302-unit, luxury-rental property in the Midwood neighborhood of Brooklyn.
The sales price was undisclosed. JLL Capital Markets arranged the sale on behalf of Northlink Capital, the New York City-based development firm.
Constructed in 2019, the eight-story building features one-, two- and three-bedroom apartments with high-end finishes, in-unit washer/dryers and private terraces. The property also boasts best-in-class amenities, which include an indoor and outdoor kids-play area, lavish courtyard, 24-hour doorman, on-site indoor-parking garage, business center, state-of-the-art fitness center and rooftop patio.
Situated directly across the street from the Avenue M subway station (Q), residents are a 30-minute ride from Lower Manhattan and less than 20-minutes from Downtown Brooklyn. The Kings Highway and Coney Island Avenue retail co
