May 9, 2016 | Press Release
HQ Capital Real Estate and Coastline Apartment Investors Acquire Park Slope Apartment Building
New York, NY, April 25, 2016 – New York City-based HQ Capital Real Estate (“HQCRE”), a member of HQ Capital, has formed a joint venture with Coastline Apartment Investors (“CAI”) of Brooklyn, New York to acquire an eight-unit multifamily property located in the Park Slope neighborhood of Brooklyn, NY.
The four-story apartment building, located at 285 6th Ave, is three blocks away from Prospect Park and one block away from Park Slope’s “restaurant row” which features renowned restaurants like Blue Ribbon Brooklyn, al di là, and many other acclaimed restaurants and bars. HQCRE and CAI plan to upgrade all of the units in addition to making improvements to the building’s common areas.
This is HQCRE’s third investment with CAI. HQCRE previously partnered with CAI in 2015 on two other Brooklyn acquisitions: a 129-unit apartment portfolio located in the Clinton Hill neighborhood and a 16-unit property located two blocks away from this investment.
About Coastline Apartment Investors: CAI is a local real estate investment company with offices in Brooklyn, NY. CAI is affiliated with Coastline Real Estate Advisors, Inc. (“CREA”), which was founded in 2003 and is based in Los Angeles, CA. CREA is a fully integrated property management company focused on enhancing assets through value-add strategies. Since inception to date, CAI/CREA has acquired and operated 5,000 apartment units originally valued at over $340 million.