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USAA Real Estate, PGGM JV purchase luxury apartment rental property in Brooklyn
Transactions - JUNE 17, 2022

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USAA Real Estate, PGGM JV purchase luxury apartment rental property in Brooklyn

by Andrea Zander

BentallGreenOak has sold The Addison, a two-building, 271-unit luxury apartment rental property with three ground-floor retail spaces located at 225 Schermerhorn St. in Brooklyn, New York.

The property was acquired by New York City-based real estate investment firm The Dermot Company in partnership with USAA Real Estate and PGGM.

Completed in 2011, The Addison is a mixed-income building featuring 65 studios, 117 one-bedroom and 89 two-bedroom apartments. Located between Hoyt and Bond streets, the property is a mixed-use building consisting of two residential towers, three ground-floor retail spaces and a below-grade structured parking garage with 109 parking spaces. The Livingston Street tower consists of 26 stories, while the Schermerhorn Street tower is 15 stories. The towers are interconnected and share all amenity spaces.

On the border of Boerum Hill, The Addison’s location provides residents a premier 24/7 live/work/play environment near transportation th

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