A real estate company based in Palo Alto has scooped up a Williamsburg multifamily building for almost $130 million.
Pacific Urban Investors recently purchased 88 Richardson St. from the Colorado-based real estate investment trust UDR for $127.5 million, property records show. UDR appears to have sold the apartment building at a slight loss, having bought it in 2019 for a little more than $130 million.
The building, known as Leonard Pointe, was built in 2015 and consists of 188 residential units, along with a roof deck and amenities on the first floor. None of the apartments are currently available, according to StreetEasy. Typical asking rents range from $3,352 for a studio to $5,673 for a two-bedroom, according to CoStar.
The deal marks Pacific Urban’s seventh acquisition in the New York metro area, according to an announcement about it on the company’s website. Its first purchase in the city itself was The Sierra, a luxury apartment building in Chelsea that the firm bought for $180 million in 2023 from The Related Cos.
The company’s portfolio in the region now spans 1,853 units. Matt Lederer, vice president of investments at Pacific Urban, indicated that the firm has more purchases in store for 2025, saying in the announcement that it expects the 88 Richardson St. deal to be “the first of many in our East Coast markets this year.”
A UDR spokesman referred to the company’s business update for the fourth quarter of 2024, which notes that UDR entered into an agreement to sell Leonard Pointe during the quarter.
UDR runs apartment complexes across the country, including several in New York. The firm’s holdings in the city include 808 Columbus Ave. on the Upper West Side, 95 Wall St. in the Financial District and 401 E. 34th St. in Murray Hill.
The median rent for Brooklyn apartments was $3,495 in December, according to the latest report from Douglas Elliman and Miller Samuel. This was effectively unchanged month over month and year over year.
