TF Cornerstone has acquired a 95-unit rental property in the Williamsburg neighborhood of Brooklyn for $71 million. The seller was a partnership between Trinity Place Holdings and Pacolet Milliken. JLL marketed the property on behalf of the seller and secured $35.5 million in acquisition financing from Nationwide on behalf of TF Cornerstone. 

Called The Berkley, the two, seven-story buildings are located at 223 North 8th St. It was built in 2016 and the apartments range from studio to three-bedroom units, 76 of which are market rate and 19 of which are affordable under a 25-year 421a tax abatement that expires in 2042.

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Erika Morphy

 

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