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Investors partner on $170M Bronx affordable housing purchase

A photo of Mitchell-Llama buildings from the sky in Bronx, NY.

2000 Valentine Avenue and 1985 Webster Avenue (Credit: Google Maps & The Real Deal)

in: The Real Deal by: Eddie Small
on: January 2, 2020.

Portfolio in the northern Bronx spans eight buildings and 1,275 units.

A trio of real estate companies have joined together to buy an affordable housing portfolio in the Bronx for $170 million, the firms announced on Thursday.

LIHC Investment Group, Belveron Partners and Camber Property Group are buying eight buildings in the borough from Cammeby’s International Group. The Mitchell-Llama buildings contain 1,275 affordable housing units in total, along with 10 commercial units. They were built in the 1970s and renovated in 2014, and the units are meant for low-income families earning 60 percent of area median income.

The new owners plan to keep the affordable housing units affordable moving forward and make additional renovations to the buildings.

A screenshot of Mitchell-Llama Buildings along Webster Avenue in the Bronx

Mitchell-Llama Buildings, Bronx, NY

The buildings are located in the borough’s Mount Hope, Belmont and Fordham neighborhoods at 2111 Southern Boulevard, 800-820 East 180th Street, 1880 and 2000 Valentine Avenue, 1985 Webster Avenue, 2100 Tiebout Avenue, 355-365 East 184th Street and 333 East 181st Street.

A representative for Cammeby’s did not immediately respond to a request for comment.

Camber and Belveron have partnered on multiple acquisitions before, including an 11-building, 343-unit portfolio in the Bronx that they bought early in 2019 for $75 million and a trio of apartment buildings in northern Manhattan that they bought late in 2018 for $60 million.

Ref: Read the story on The Real Deal’s website.

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