Following Camber Property Group’s acquisition of Morris Heights Mews and Trinity Apartments, two deeply affordable housing properties in The Bronx, the company has announced comprehensive renovation programs that will improve energy efficiency and resident comfort.
Camber has also committed to preserving and extending affordability at both housing projects.
Earlier this month, Camber closed on Morris Heights Mews, a three building, 111-unit Project Based Section 8 complex located at 1695 Grand Avenue in the Morris Heights section of The Bronx. The company committed to undertake roughly $3 million in improvements at the complex, including energy efficiency upgrades, façade and roof enhancements, repairs to building systems including the elevator and boiler, and repairs to residential units. A new 20-year Section 8 contract was also signed at closing for the property.
SVN Affordable brokered the Morris Heights Mews transaction. Community Preservation Corporation will partner with Camber to complete the facility upgrades.
“At the core of our investment strategy is the belief that when you invest in a building, you’re investing in the future of the people who live there and in the stability of their community,” said Tell Metzger, senior vice president, equity investments at The Community Preservation Corporation. “We believe in well-maintained affordable housing as a crucial societal construct and are proud to have the opportunity to continue to deliver that across-the-board high standard to the tenants of these buildings in the Bronx.”
In December 2022, Camber closed on Trinity Apartments, a 76-unit, 100-percent Project Based Section 8 building located at 2105 Daly Avenue in the borough’s West Farms neighborhood. The total development cost for the project was $27.4 million, financed with a $18.3 million loan from Freddie Mac via Walker and Dunlop, and $9 million of private equity capital. Following the closing, Camber will implement energy efficiency and common area improvements at the building.
Daytime view of Trinity Apartments at 2105 Daly Avenue
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Keeping affordable housing viable through renovation is the greenest solution. $3 million is surprisingly inexpensive given that a new 2-bedroom apartment can cost that.
I hope “façade and roof enhancements” doesn’t mean that after looking great for the last century they take this opportunity to strip it of ornament.
Many facade ornaments in these lesser structures of the 1920s-30s were of precast concrete rather than terra cotta. Facade inspection laws have led to the removal of some of these on non-landmarked buildings. Parapets are often the first things on the exterior to decay.
I have seen the replacement of parapets being done on buildings from even the 1960s. Roof enhancement might be simply painting it white.