#United States #Brooklyn #Rockpoint #Lincoln Property Company #56 North 9th Street

Rockpoint and Lincoln Property Company Join Forces

In a strategic move to enhance their real estate portfolios, Rockpoint, a leading private equity firm based in Boston, has announced its partnership with Lincoln Property Company to acquire a luxury residential property, 56 North 9th Street, located in Brooklyn's vibrant Williamsburg neighborhood. This acquisition is noteworthy not only for its prime location but also for the potential it holds in the dynamic New York real estate market.

Strategic Location and Property Features

The property, developed in 2019, features a total of 45 luxurious apartments alongside approximately 30,000 square feet of fully leased retail space, making it an attractive multifamily asset in a rapidly growing submarket. Williamsburg has transformed into a top-choice destination for young professionals, drawing in a diverse population with its unique blend of culture, nightlife, and access to nature. Additionally, the location offers convenient public transportation options for easy access to Manhattan.

Residents of 56 North 9th Street can enjoy modern amenities, including spacious floor plans with floor-to-ceiling windows, hardwood oak flooring, high-quality finishes that emulate condo-style living, and access to community facilities such as a fitness center, rooftop lounge, children’s playroom, and parking. The vibrant community surrounding the property also boasts parks, grocery stores, restaurants, and a lively nightlife scene, ensuring that residents have a wealth of activities nearby.

Commitment to Community and Value

Dan Domb, Managing Member and COO at Rockpoint, expressed optimism about the acquisition, emphasizing the opportunity to offer value for residents through enhanced living experiences and community engagement. "Investing in a recently constructed property that combines amenity-rich living with on-site retail spaces in one of New York’s most compelling submarkets offers us a unique opportunity to deliver value for our tenants," he stated, highlighting the commitment to improving tenants’ quality of life.

Jared Toothman, EVP and Market Leader for Lincoln Property Company, echoed this sentiment, noting that their shared vision focuses on property enhancement and community supports. The acquisition signals a proactive approach to strengthening local communities by improving properties that meet the evolving needs of residents.

Rockpoint's Expertise in Residential Investments

This acquisition reflects Rockpoint's extensive experience in residential investments, having made 137 such investments since 1995, which introduces around 96,000 multifamily units and 15,000 rental homes to their portfolio. The firm's expertise in identifying growth opportunities in submarkets positioned for demand growth reflects their strategic approach to investment and community integration.

As Rockpoint and Lincoln Property Company expand their portfolio, their commitment to improving tenant experiences and supporting the local economy resonates with the broader goals of community enhancement. This property acquisition not only represents a financial investment but also signifies a commitment to fostering thriving communities through well-designed living spaces and robust support systems.

Conclusion

The acquisition of 56 North 9th Street marks a significant addition to the portfolios of Rockpoint and Lincoln Property Company, and sets the stage for future endeavors that aim to further enrich the Williamsburg community. By investing in high-quality residential properties that appeal to a diverse demographic, these firms are taking proactive steps to ensure both tenant satisfaction and community prosperity.