New York based real estate company Candlebrook Properties has launched a new affordable housing division called CB3
CB3 will allow multi-family and student housing developer to create “superior housing choices, social services and high-end management in the affordable housing industry.ˮ
Candlebrook has brought on veteran Josh Levy to lead the creation and operation of CB3.
Levy has years of experience in the development and financing of affordable housing, having been an executive at affordable housing syndication and development firms.
“The housing cost burden in the United States continues to outpace the growth of income across the country,” said Levy.
“Housing is an imperative need of every individual and family, which will need to be satisfied in perpetuity. CB3 will create and reinvigorate housing options for tenants that provide the quality that our market rate tenants expect at pricing our workforce and low-income tenants can afford.”
Neil Rubler, Candlebrook’s president, added, “While the provision of high-quality workforce housing has always been a core focus of ours, we are particularly excited to now fully develop this segment of our business with a specific emphasis on the exploration of new technologies and design concepts around the creation of superior homes for residents of more limited means.”
CB3 will focus on development and redevelopment efforts nationwide and is actively seeking individual properties and portfolios for purchase.
Candlebrook was founded in 2005, and launched its business focusing on the acquisition and repositioning of distressed apartment properties in the New York City area.
This business later expanded to the suburban New Jersey markets and Philadelphia, and to date, its portfolio is comprised over 15,000 apartment units representing over $2 billion in value.