Greenbrook sees 75% bump on 19 sales to Carlyle Group for $112M

Greenbrook Partners has sold at least 19 properties to entities tied to the Carlyle Group for a total of $112 million since December 2020. The sales have an average increase of 75 percent from the Greenbrook Partners’ purchase price.

Greenbrook Partners began investing heavily in Brooklyn small multifamily buildings in 2019, amassing a portfolio of more than 100 buildings, according to a PincusCo analysis. The New York State Attorney General estimated that the firm owned or managed 188 properties with approximately 1,000 units as of the end of 2022.

Since December 2020, Greenbrook Partners has been selling properties to Carlyle Group affiliates, such as Townhouse Rental II, L.L.C., and always with a significant increase in price a year or two after it was purchased.

The average increase is 73 percent, with the highest being the 16-unit 812 8th Avenue in Park Slope, with a 131.5 percent increase, from $5.5 million in November 2020 to $12.7 million in May 2023.