September 3, 2019

The joint venture between U.S. property management company Coastline Management Group and its counterpart Benedict Realty Group has acquired Kensington Cottages in Orlando, Florida.

Completed in 1984 on a parcel of almost 18 acres, the 170-unit residential community sits at 2909 Burroughs Drive in the Rosemont submarket, about 9 miles northwest of downtown Orlando.

More so, the 16 one-story buildings feature studio, one- and two-bedroom units averaging 598 square feet in size. Amenities include a clubhouse, laundry facilities and more than 300 parking spaces.

The JV paid $15.3 million to purchase the community, which was about 94 percent occupied at the time of sale, from U.S. multi-family real estate investment services firm DLP Real Estate Capital.

https://www.investsize.com/en/us-coastline-mgt-benedict-realty-acquire-%24153-mln-kensington-cottages

September 5, 2017

https://therealdeal.com/2017/08/31/akelius-makes-61m-gramercy-buy/

Akelius Real Estate Management picked up a 117-unit Gramercy rental building from Benedict Realty Group for nearly $61 million.

Akelius, the U.S. arm of Swedish investment giant Akelius that’s acquired a portfolio of more than 1,000 apartments since its launch in 2015, paid $60.9 million to buy the six-story building at 321 East 22nd Street, according to brokers at HFF who negotiated the deal on behalf of the seller.

The price works out to roughly $1,000 per square foot for the 62,000 rentable square feet, according to HFF broker Jeff Julien, who worked on the deal with colleagues Rob Hinckley and Andrew Scandalios.

That price is “in-line for this vintage,” Julien said.

Representatives for Akelius and Benedict were not immediately available for comment.

Benedict bought the property back 2012 for $31 million.

June 16, 2016

A&E Real Estate, the multifamily investment firm led by Douglas Eisenberg, shelled out $72.1 million, or $375 a foot, to buy the La Mesa Verde Apartments complex in Jackson Heights, city records show.

The complex, holds 324 apartments across six buildings connected by open-air bridges and spans 192,000 square feet. The price represents a cap rate of 4 percent.

The seller was BRG Management, led by Daniel Benedict. 

BRG bought the fully rent-stabilized complex for $23.5 million in 2005.

http://www.my-property-report.com/articles/a-amp-e-nabs-jackson-heights-rental-complex-for-72m

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The joint venture between U.S. property management company Coastline Management Group and its counterpart Benedict Realty Group has acquired Kensingto...

U.S. COASTLINE MGT, BENEDICT REALTY ACQUIRE $15.3 MLN KENSINGTON COTTAGES

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