Pembrook Invests in Prana Fund for Workforce Housing
Pembrook Capital Management has closed on a preferred equity investment of up to $50 million to Prana Investments. The equity will allow Prana to continue acquiring workforce housing in both Los Angeles and New York City.
The Prana fund in which Pembrook invested currently owns 39 residential rental properties totaling 1,241 units. Seventeen properties and 435 units are located in Los Angeles, while 22 properties and 806 units are in New York.
“Los Angeles and New York City each have a critical shortage of affordable multifamily housing, and we expect continued overwhelming demand for quality, reasonably priced multifamily product such as this in both of these areas,” noted Stuart J. Boesky, CEO of New York-based Pembrook.
He added, “It is interesting to note that approximately 85% of all new multifamily properties are luxury Class A product, and very little new housing is being produced for the underserved affordable market.”
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).