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Longacre Acquires Related’s Simply Better Bronx Portfolio
(Updated with additional information)
Longacre, a joint venture between Peter Hungerford’s PH Realty Capital and David Kaye and Joe Listhaus’s Rockledge, has acquired the Simply Better Affordable Housing portfolio from Related, reportedly for $196 million. The portfolio comprises 2,021 rent-stabilized units across 34 multifamily properties in key northern Bronx neighborhoods, including Kingsbridge, University Heights, Pelham Parkway, Norwood and Wakefield.
Longacre is undertaking significant revitalization efforts to bring a large number of vacant apartments back online, ensuring expanded access to stable and affordable housing options.
“We love this investment,” said Hungerford. “We love it because it is NYC affordable housing. We love it because the business plan is straightforward. We love it because it is bringing more affordable housing to New Yorkers. The Bronx is one of the most densely occupied housing markets in the country, and we’re proud to be part of the solution that supports long-term housing stability for thousands of families.”
PGIM Real Estate provided Longacre with $141 million in floating-rate acquisition financing. Eastdil Secured represented Longacre in arranging the loan.
- ◦Sale/Acquisition
