Camber Finalizes $105M Deal for Affordable Portfolio
Camber Property Group closed the $105-million acquisition of the Triboro Portfolio, which features more than 300 units of affordable housing across three boroughs. The buildings–Grace Towers in Brooklyn, Target Apartments in the Bronx, and Madison Apartments in Manhattan–will see 60 years of extended affordability through the deal, thanks to an agreement with the New York City Department of Housing Preservation and Development and a new real estate tax abatement.
The deal was brokered by SVN Affordable’s Gene Levental and Jamie Renzenbrink and led by Mark Abramowicz of Camber’s acquisitions team. Camber will undertake significant upgrades at all properties to both resident apartments and shared amenities.
Camber co-founder and principal Rick Gropper said the Triboro Portfolio “exemplifies the importance of preserving low-income housing throughout the city. We are proud to upgrade these buildings to offer long-term stability to the residents and respective communities.”
- ◦Sale/Acquisition