805 St, Marks Ave -- Purchased by the Swedes

They claim to be embracing a 10-year hold strategy -- no buyouts. Maybe just kick-outs? 

"Akelius, which burst onto the stateside scene last month, has just purchased its fourth property in New York. The Swedish company shelled out $44 million for 805 St. Marks Avenue in Brooklyn on Tuesday. The 200 unit residential building is the company’s second Crown Heights asset.  Aaron Jungreis and Billy Billitzer of Rosewood Realty Group represented both sides in the deal. . .Crown Heights is a strong location with a positive outlook for the future. Its accessibility to Lower Manhattan within 30 minutes by public transport is one of the driving factors for the positive development of the neighborhood. We are therefore proud to have had the opportunity to acquire another property in Crown Heights.”

http://rew-online.com/2015/05/13/akelius-sweed-on-crown-heights-purchases-850-st-marks-ave-for-44m/

https://www.google.com/maps/@40.674949,-73.945292,3a,75y,3.23h,100.74t/data=!3m4!1e1!3m2!1syGdYKyAEoaJ-ptQI3ei1bg!2e0

Located on St Marks between New York and Brooklyn.

I wonder if the previous owner began the work of getting higher paying tenants in already.

In 2015, I would be surprised if the Swedes had to start the process "from scratch" in this location.

To wit, the owner before them stopped doing maintenance: http://ilovefranklinave.blogspot.com/2013/03/press-release-tenant-protest-today.html

And, the building sold for literally twice what it was purchased for in 2014:
http://therealdeal.com/blog/2015/05/14/burke-leighton-doubles-money-with-44m-sale-of-crown-heights-rental/

The Crown Heights market has certainly increased since 2014, but it has not doubled.

...they likely invested some money in improvements, buyouts, and -um- harrassment in the form lack of maintenance.

The Real Deal states the new buyer will put lots more $ into the place to maximize its return further.

All the traditional fancy finishes now in place

 http://streeteasy.com/building/805-st-marks-avenue-brooklyn/c3a