A partnership between The Dermot Company, Principal Real Estate Investors and Dutch pension fund PGGM has acquired a 302-unit luxury rental property in the US.

JLL Capital Markets said it arranged the sale of The Vitagraph luxury rental property in the Midwood neighbourhood of Brooklyn on behalf of Northlink Capital.

Financial details were undisclosed.

The eight-storey Vitagraph asset was constructed in 2019.

Andrew Levison, partner and managing director at The Dermot Company, said:

“Northlink built a high-quality property in a dynamic, transit-oriented neighbourhood. Dermot is excited to bring its full suite of services to The Vitagraph to enhance the living experiences of the residents.”

“The Vitagraph represents the most attractive of Brooklyn’s multi-family assets with its abundant amenities, premier location and affordability compared to pricier Brooklyn neighbourhoods,” said JLL’s Steven Rutman.

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