Camber Property Group has acquired a portfolio of three Section 8 project communities in three New York City boroughs for $ 105 million.
Founded by L + M Development Partners alumni Rick Gropper and Andrew Moelis, Camber has focused on the development and preservation of affordable housing in the city.
Camber’s most recent acquisition, known as the Triboro portfolio, comprises a total of 306 affordable units spread across three buildings:
- Grace Towers Apartments, a two-building, six-story complex at 2060 Pitkin Avenue, featuring 168 affordable units. The 80,000-square-foot lot is nestled between the Broadway Junction and New Lots neighborhoods of Brooklyn.
- Target V Apartments, an 83 unit community at 1971 and 1975 Grand Avenue in the Morris Heights section of the Bronx. It consists of two six-story elevator buildings at the corner of Grand and East Tremont avenues.
- Madison Avenue Apartments, a 55 unit complex located at 2059-61 and 2063-71 Madison Avenue in East Harlem, Manhattan. The community consists of a five-story building with no elevator and a four-story building serviced by an elevator on the east side of Madison Avenue between 130th and 131st streets.
The wallet belonged to Mo Vaughn and Eugene Schneur’s Omni New York, according to property records. The company did not immediately return a request for comment.
According to its website, the firm acquired these buildings between 2005 and 2009 and invested millions of dollars to rehabilitate them. Camber also plans to undertake upgrades to these buildings, according to the company.
The seller’s top priority was finding a buyer who could adapt to local regulatory requirements and ensure a year-end close, said Gene Leventhal of SVN Affordable, who represented the seller with Jamie Renzenbrink. The buyer was represented by Mark Abramowicz of Camber.
Government-subsidized multi-family apartment buildings across the city have recently gained renewed interest from investors due to the properties’ potential for long-term stable income. In November 2020, the related companies marked Manhattan’s largest multi-family transaction in the year it paid $ 435 million for a pair of Section 8 buildings at 265-275 Cherry Street on the Lower East Side.
In August, Camber paid $ 30 million for another project-based Section 8 apartment complex, the 60-unit Johanna Apartments community in central Harlem. The company celebrated in July the opening of Dr. Joan O. Dawson Plaza, a 100% affordable 138-unit apartment developed in partnership with the Harlem Congregations for Community Improvement.