Alpaca Real Estate recapitalises New York residential tower

Alpaca Real Estate has completed a $300m (€276m) investment in The Axel, a residential tower in New York.

The alternative investment management firm said it had recapitalised the 29-storey trophy residential property in Brooklyn in a transaction with Hope Street Capital.

The 284-unit property is 97% leased and was developed by Hope Street, with a mix of studio, one, two, and three-bedroom apartments.

Jeffrey Gershon of Hope Street Capital said: "We are thrilled to partner with Alpaca Real Estate on a fantastic asset that we have been involved with for over a decade. New York continues to see strong housing demand and limited vacancy, and prime Brooklyn is particularly attractive as a thriving residential destination.

"The Axel sits in a stellar location that benefits from vibrant neighborhood restaurants and shops while also being a stone's throw from Manhattan, positioning it well to benefit from the long-term trends driving growth across the Brooklyn multifamily market."

Daniel Carr, managing partner of Alpaca Real Estate, said: "On behalf of our investors, Alpaca is excited to continue its investment in high-growth urban areas with the recapitalisation of this premier project.

"Alpaca's thematic approach focuses on properties with strong tailwinds, such as this structured investment in a core, high-quality multifamily tower in a gateway market. Jeff has developed a fantastic property and we are proud to partner with him on it going forward."