Bentall Kennedy U.S. on behalf of Multi-Employer Property Trust has acquired a high rise apartment property in downtown Brooklyn for $154.25 million. Located at 225 Schermerhorn St., The Addison is made up a 26 and a 15-story tower with a total of 271 units. The buildings feature 65 studio, 117 one-bedroom and 89 two-bedroom units. The property also has three fully leased ground floor retail storefronts totaling 6,610 sqf along with a 109 space, below-grade parking garage. The property is located directly above the Hoyt-Schermerhorn subway station (A, C, G lines) midway between Hoyt and Bond Streets. The seller, Waterton Associates, took control of the asset in late 2010 via the acquisition of a $110 million construction loan from iStar Financial and a $24.5 million mezzanine note held by Archstone.
