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Fairstead, Invesco Real Estate Snag Massive Affordable Portfolio
Fairstead and Invesco Real Estate acquired 1,904 affordable units across 48 buildings and 2.3 million square feet in the Bronx. Reportedly valued at more than $350 million, it’s the largest deal of its kind in New York City this year by both portfolio and investment size.
The portfolio was previously managed by Property Resources Corporation (PRC). It includes properties in Longwood, Tremont, Crotona Park, and Morrisania.
“Fairstead and Invesco Real Estate are bringing in new capital to this portfolio through an innovative capital structure that will allow us to make strategic investments to improve the sustainability of the buildings and enhance the lives of residents through social services and programming,’ said Brett Meringoff at Fairstead.
Fairstead intends to continue a program launched by PRC in Morrisania and work with community groups on others.
Berkadia and Deutsche Bank provided capital solutions. Ariel Property Advisors’ Shimon Shkury and Victor Sozio arranged the acquisition.
- ◦Sale/Acquisition

