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New York & Tri-State  + Uptown/Bronx  + Apartments  | 
Bronx affordable Portfolio Fairstead Invesco Real Estate

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.

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FairsteadAriel Property Advisors

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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