Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Camber Property Group Acquires Two Bronx Rental Properties for Nearly $57 Million
NEW YORK—Camber Property Group announced on Jan. 24 it had closed on two 100% affordable properties in The Bronx, preserving and extending affordability for 187 units in transactions valued at a total of $56.4 million.
In early January 2023, Manhattan-based Camber closed on the purchase of Morris Heights Mews, a three building, 111-unit, 100% Project Based Section 8 project located at 1695 Grand Ave. in the Morris Heights neighborhood of The Bronx. The total development cost for the project was $29 million, financed with an $18.4-million loan from Freddie Mac via Merchants Capital and $10.6-million of private equity capital.
A new 20-year Section 8 contract for the property was signed at the closing. Additionally, the company will undertake approximately $3 million in improvements at the complex, including energy efficiency, upgrades to the façade and roof, repairs to building systems including the elevator and boiler, and repairs to resident units. The Community Preservation Corporation partnered with Camber on this project.
“CPC is proud to join in partnership with Camber Property Group to preserve housing affordability for hundreds of New Yorkers in the Bronx. At the core of our investment strategy is the belief that when you invest in a building, you’re investing in the future of the people who live there and in the stability of their community,” said Tell Metzger, Senior Vice President, Equity Investments at The Community Preservation Corp. “We believe in well-maintained affordable housing as a crucial societal construct and are proud to have the opportunity to continue to deliver that across-the-board high standard to the tenants of these buildings in the Bronx.”
In late December 2022, the company closed on the acquisition of Trinity Apartments, a 76-unit, 100% Project Based Section 8 building located at 2105 Daly Ave. in the West Farms section of The Bronx. The total development cost for the project was $27.4 million, financed with an $18.3-million loan from Freddie Mac via Walker and Dunlop and $ 9 million of private equity capital. Following the closing Camber will implement energy efficiency and common area improvements at the building, the company stated.
Jamie Renzenbrink and Gene Levental of SVN Affordable were the exclusive brokers on the transaction for Morris Heights Mews. Trinity Apartments was brokered by Andy Daitch, Matt Kurzmann, and Neil Rosenthal of Affordable Housing Advisors (Marcus & Millichap).
“Our city’s housing crisis requires our firm to both preserve the affordability of existing apartments as well as aggressively pursue the construction of new affordable housing,” said Rick Gropper, Principal of Camber Property Group. “These closings will preserve affordability for dozens of Bronx families for decades to come, and we look forward to working with our residents to build community and foster strong working relationships between them and management.”
Since its founding in 2016, Camber Property Group has made an impact developing innovative projects and preserving much-needed affordable housing in communities across New York City. The firm most recently closed on and began construction of a 150,000-square-foot affordable housing project in Far Rockaway, Queens that will include a 100-bed transitional housing facility as well as a 147-unit supportive housing component.