Delshah Capital Buys Williamsburg Rentals for $76M

Delshah Capital bought the Williamsburg Rentals asset at 34 Berry Street in Brooklyn for $76 million. The property is a 142-unit multifamily building, implying a $535,000 per-unit price.

The seller was LCOR, which purchased the building two years earlier for $53 million. Ares provided $62.3 million in acquisition financing to Delshah, and the property came online in 2010 with a majority of studio apartments plus a mix of one- and two-unit layouts. Delshah plans capital improvements including upgrades to the rooftop terrace and resident lounge.