Camber Property Group has partnered a non-profit developer, the Settlement Housing Fund, to purchase the Brookhaven Apartments in The Bronx’s Mott Haven neighborhood.
While disclosing this on Thursday November 19, 2020, Rick Gropper, Principal of Camber Property Group, said the total capitalization of the transaction was $32 million.
He stated that the Brookhaven apartments are a collection of four buildings, totaling 95 Project Based Section 8 residences, as well as two ground level commercial units that are currently occupied.
As part of the deal, CPG extended the affordability of the complex and will undertake a series of capital improvements.
This includes replacing kitchen and bathroom fixtures in tenants’ apartments, as well as upgrading common areas.
According to Gropper, the partnership will also address deferred maintenance in the buildings and will increase efficiency in both energy and water consumption.
“New York’s recovery from the Covid-19 pandemic will require a renewed commitment to creating and protecting affordable homes across the region,” Gropper said.
“Our investment at the Brookhaven Apartments and the volume of transactions completed this year alone exemplifies our dedication to this goal and to the City as a whole,” he added.
The Brookhaven Apartments are located in the Mott Haven section of The Bronx, near the junction of I-87 and I-278 and are serviced by the 2 and 6 Subway lines at the Brook Avenue station.
CPG has been making an impact in the affordable housing market in New York City for years, developing innovative projects and preserving much-needed affordable housing in communities across the five boroughs.
This year alone, CPG has undertaken an aggressive expansion of its affordable housing portfolio, despite the economic downturn caused by the COVID-19 pandemic.
The company has purchased nearly 1,000 affordable units across the region in five transactions totaling $250 million.
This year, the firm also opened The Strand, a 132 unit mixed-income development located in the heart of Ridgewood, Queens; completed 134 affordable units for seniors at Victory Plaza in Central Harlem and another 200 units of affordable housing in The Bronx known as Tiffany Street Apartments.
It is currently rehabilitating more than 1,000 affordable units at two major Bronx developments, Baychester and West Farms.