BRG sells Jackson Heights rental complex for $72M

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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