RiverOak NYC, a Stamford-based real estate investment fund, has invested $113.5 million in eight New York City acquisitions culminating with the recent purchase of 215 33rd Street in the Greenwood Heights section of Brooklyn, closing out the investing for RiverOak NYC Fund I.

“Approximately 94% of investor’s commitments went into transactions. This compares favorably with other real estate investments, including nontraded REITs that typically only invest 85% of the committed capital,” according to Stephen DeNardo, CEO of RiverOak Investment Corp. “Investors have received distributions of approximately $18 million or 63% of their committed capital while still owning six assets.”

As in every RiverOak sponsored fund, investors were never out of pocket their entire commitment thanks to distributions from early investments prior to a final capital call. “We expect that there will be at least one more distribution this year as we anticipate air rights contracts in one of the transactions to close by the end of October,” added DeNardo.

The RiverOak NYC fund brings together the expertise of RiverOak Investment Corp. executives Steve DeNardo and Derek Eakin with three of the most celebrated and successful real estate investment sales professionals – Bob Knakal, Paul Massey and James Nelson. Through this partnership, RiverOak has positioned itself to leverage its extensive expertise in value-add investing with the time-tested knowledge and understanding of New York City’s diverse neighborhoods.

Together, the RiverOak NYC fund team brings over 120 years of experience to bear, with previous acquisitions that have included multi-family and mixed-use properties in Brooklyn and Manhattan including a multi-family portfolio in Harlem, an office condominium at 77 Bowery and inclusionary housing projects at 321 East 60th Street and 316 East 91st Street.

The fund seeks out best-in-class operators to invest in these off-market and under-marketed properties that are below the radar of mega funds.

In the most recent acquisition, RiverOak NYC, along with its JV partner, The Mann Group, successfully closed on the acquisition of a four-story multifamily building at 215 33rd Street, in the heart of the Greenwood Heights section of Brooklyn. The 13,400 square-foot building was acquired in an off-market transaction for $5.8 million or $433 per square foot.

The Mann Group and RiverOak were attracted to the building between 4th and 5th Avenues because of its “location in the path of growth,” according to Derek Eakin, RiverOak’s Chief Investment Officer, citing the building’s proximity to the mega project Industry City and the 36th Street Station express subway stop served by the D, N, R and W subway lines.

“Our strategy is to renovate units and create building-wide amenities to appeal to the younger TAMI (technology, advertising, media and information) oriented tenancy that is transitioning into the neighborhood. The goal is to provide compelling product that satisfies the Live, Work, Play mentality that tenants demand today,” Eakin said.

Headquartered in Stamford, CT, RiverOak Investment Corp., LLC is a real estate investment sponsor that occupies a vital and unique niche in the universe of equity players. RiverOak pursues opportunistic and value-add asset and operational opportunities on behalf of a diversified set of investors ranging from institutions to individuals. RiverOak’s real estate investment funds target assets anywhere in size from $1 million to $50 million.