Camber Property Group has partnered with non-profit developer the Settlement Housing Fund to purchase the Brookhaven Apartments in Mott Haven for $32M.
The seller was Brook & Brown Partnership (Omni as sponsor). Gene Levental, SVN Affordable, brokered the sale.
an entity affiliated with the Acacia Network, one of the leading social services organizations in New York City and the largest Hispanic-led nonprofit in the State.
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, Camber Property Group 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.
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,” said Rick Gropper, Principal of Camber Property Group.
“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.”
The Brookhaven Apartments are located near the junction of I-87 and I-278 in the Bronx and are serviced by the 2 and 6 Subway lines at the Brook Avenue station.
Camber Property Group has been busy in the affordable housing market . This year alone, the company has undertaken an aggressive expansion of its affordable housing portfolio, and 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. Camber is currently rehabilitating more than 1,000 affordable units at two major Bronx developments, Baychester and West Farms.