Camber Property Group has completed a $105 million acquisition of three Project Based Section 8 affordable housing complexes formerly owned by Omni New York. The three properties include Grace Towers, a 168-unit building in East New York, Brooklyn; Target V Apartments in the Morris Heights section of The Bronx; and Madson Apartments in East Harlem.
Together the properties are referred to as the Triboro Portfolio and comprise 306 affordable housing units. The portfolio benefits from a Project Based Section 8 contract, which assures residents pay no more than 30 percent of their household income toward rent, with New York City’s Housing and Urban Development covering the balance.
“Finding a buyer that could navigate local regulatory requirements and assure a year-end closing was of utmost importance to the seller,” said SVN affordable managing director Gene Levental, who co-brokered the deal with SVN senior advisor Jamie Renzenbrink. “After a short, invitation-only marketing campaign, Camber was selected from a small pool of other bidders, based on their experience and track record on previous transactions.”
The buildings were initially rehabilitated by Omni New York using low income housing tax credits. With support from the New York City Department of Housing Preservation and Development, Camber will complete the next generation of capital improvements to critical building facilities, individual apartments, and amenity spaces.
“The Triboro Portfolio, which includes over 300 apartments, exemplifies the importance of preserving low-income housing throughout the City,” said Rick Gropper, principal and co-founder of Camber Property Group. “Affordable housing preservation is a critical tool to manage housing costs in a city that often lacks economical options for all of its residents.”
Camber has not confirmed when these improvements might begin at any of the three properties.