Alpaca Real Estate (ARE), an alternative investment management firm, announced today the successful recapitalization of The Axel, a 29-story, 284-unit Class A residential property in Brooklyn, which is currently 97% leased. The transaction, valued at approximately $300 million, highlights ARE’s strategic focus on high-quality assets in prime urban locations.
“Alpaca’s thematic approach targets properties with strong market dynamics, such as this core, high-quality multifamily tower in a gateway market. Jeff has developed an exceptional property, and we are proud to partner with him as we move forward,” said Daniel Carr, Managing Partner of ARE.
Located near the Barclays Center and positioned at the intersection of three of Brooklyn’s most desirable neighborhoods—Fort Greene, Clinton Hill, and Prospect Heights—The Axel offers excellent connectivity, with 13 subway lines nearby. Residents enjoy stunning skyline views and resort-style amenities. In addition, the property has attracted high-quality commercial tenants, including Maimonides Hospital System, which operates a full-floor medical facility, Chick-fil-A’s second Brooklyn location, and Hounds Town, a pet care provider.
Jeffrey Gershon, of Hope Street Capital, expressed his excitement about the partnership with ARE: “We are thrilled to collaborate with Alpaca Real Estate on this remarkable asset that we’ve been involved with for over a decade. New York continues to experience strong demand for housing and limited vacancy, particularly in prime Brooklyn neighborhoods. The Axel’s location offers easy access to vibrant restaurants, shops, and proximity to Manhattan, positioning it well to capitalize on long-term growth in the Brooklyn multifamily market.”
Designed by Morris Adjmi Architects and developed by Hope Street Capital, The Axel offers a range of studio, one-, two-, and three-bedroom units featuring floor-to-ceiling windows, premium finishes, high-end appliances, in-unit washers and dryers, and ample closet space.
Residents also enjoy an array of community amenities, including a full-floor club level with conference rooms, a game lounge, fitness center, yoga and pilates studios, a dining and entertaining room, a golf and sports simulator, and a saltwater pool with a sun deck. Outdoor spaces include a sky park designed by MPFP, an outdoor kitchen and barbecue area, and a rooftop terrace with sweeping city views, providing an exceptional urban living experience.
About Alpaca Real Estate:
Alpaca Real Estate is a real estate private equity firm where innovation meets real assets, maximizing the potential of traditional real estate investing. ARE utilizes a thematic investment approach to acquire and manage traditional and niche real estate investments with an emphasis on properties that require recapitalization, repositioning, strategic capital, and/or physical transformation. ARE integrates relationships fostered through Alpaca VC with innovative operating platforms to unlock asymmetric upside potential, creating option value in excess of traditional real estate business plans.
About Hope Street Capital:
With over four decades of combined experience, the Hope Street Capital (“HSC”) team has extensive and wide-ranging experience in the development, management, leasing and sales of luxury residential, retail and office assets. Beginning with the identification of undervalued assets, through the design development phase, to the disposition of each asset, the team at HSC has experience of each investment phase stemming from over $2 billion in highly diverse transactions.
