PALO ALTO, Calif., Aug. 05, 2025 (GLOBE NEWSWIRE) — Pacific Urban Investors, a multifamily owner-operator and investment manager, has completed its eighth acquisition in the New York Metro, increasing its regional portfolio to 1,966 units. The newly acquired community, The Garnett at 146 South 4th Street, consists of 113 units located in the desirable Williamsburg neighborhood of Brooklyn. This investment marks Pacific Urban’s 16th property on the East Coast, reflecting continued strategic expansion into key markets, including Boston, the Mid-Atlantic, and the Southeast.
“We are excited to expand our East Coast portfolio with the acquisition of The Garnett, a high-quality community located in Williamsburg, one of New York City’s most dynamic neighborhoods,” said Matt Lederer, Vice President of Investments. “Williamsburg remains a submarket of focus for our platform given its proximity to Manhattan, strong demographic trends, vibrant lifestyle amenities, and various transportation options. The Garnett reinforces our commitment to investing in core, job- and amenity-rich locations that provide residents with exceptional living experiences. We are eager to continue expanding across the East Coast and have significant discretionary capital allocated for that purpose.”
The Garnett is located right off Bedford Avenue, Williamsburg’s primary commercial corridor, known for its restaurants, cafes, retail, and entertainment. Domino Park is a 10-minute walk from the property. The neighborhood offers a residential feel while providing convenient access to major employment hubs, including over 7.5 million jobs across the New York Metro area—more than 4.7 million of which are based in Manhattan’s 607 million square feet of office space—and over 1.1 million jobs in Brooklyn alone. Built in 2011, The Garnett is a contemporary high-rise with modern industrial design, functional floor plans, condominium-quality unit interiors, and an expansive amenity set for its size. Amenities include a fitness center, resident lounge, bike storage, laundry room, and a rooftop deck with unobstructed views of the Manhattan and Brooklyn skylines. The property also features both an on-grade parking garage and an above-grade structured parking deck.
”The Garnett is an exciting investment for the firm, marking its third in New York City since opening its office there in 2018. Investment economics have improved remarkably over the past few years in the city and demand characteristics have remained extremely favorable resulting in compelling yields and high occupancies. The combination of these two results in an investment that fits squarely within Pacific’s mandate, to provide growing and durable cash flows to our investors while preserving a value proposition for our residents,” said John Fluke, Managing Director of Investments. “Additionally, changes to New York’s 421(a) program should result in some incremental headwinds to new supply, further bolstering the operating fundamentals of existing assets, and adding to that durability of income.”
About Pacific Urban Investors: The Palo Alto, CA-based company has over $9.1 billion in assets under management and owns and manages a national portfolio of more than 23,500 units. The firm and its partners have decades of experience in apartment investments, including Core, Vintage Core, and Value Add strategies. Pacific has progressed over time to become a best-in-class owner, operator, and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as for partnerships with institutional pension funds and other sophisticated investors. Pacific is actively acquiring multifamily communities as a principal across all of the firm’s strategies.
For more information, please visit www.pacificurbaninvestors.com.
Media Contact: Christine Briones
Office: 650.842.2390
Email: cbriones@pacificurbaninvestors.com
