Distinguished inexpensive and mixed-income housing landlord Camber Property Group offered an eight-building assemblage in Prospect Park for practically $80 million.
Rick Gropper’s agency offloaded the Brooklyn portfolio for $79.9 million, Crain’s reported. The properties within the deal included 666, 672, 682 and 816 Ocean Avenue, 280 East twenty first Avenue, 91 and 95 East 18th Avenue and 221 Linden Boulevard. The deal breaks right down to greater than $206,000 per unit.
The client was an affiliate of Star Realty Company. The Downtown Brooklyn-based agency doesn’t have a web-based presence, however public data recommend a reference to developer Mordechai Piller.
Camber and Star each didn’t reply to requests for remark from the publication. An Ariel Property Advisors crew together with Victor Sozio, Shimon Shkury and Sean Kelly organized the deal on behalf of Camber.
The eight-building portfolio contains 387 inexpensive housing items, a ramification that’s totally occupied. There are 33 studios, 154 one-bedroom items, 121 two-bedroom items, 56 three-bedroom items, 14 four-bedroom items, and 9 five-bedroom spreads.
The assemblage spans 412,000 sq. toes and is located south of the park. The buildings final traded fingers in 2020, when Camber and Belveron Companions purchased the properties for roughly $90 million.
Camber is coming off a comparatively quiet 12 months. In Could, an entity related to the agency sold two apartment buildings and a parking zone referred to as Carol Gardens at 820-880 Thieriot Avenue within the Soundview neighborhood of the Bronx for $54.5 million. The client was an organization affiliated with Phoenix Realty Group. Camber acquired the properties in 2017 for $19.8 million; that deal was the primary time the advanced traded fingers because it was constructed within the late Nineteen Sixties.
On the finish of 2024, nevertheless, Camber acquired Linden Plaza at 675 Lincoln Avenue in Brooklyn’s East New York for $845 million; the vendor was Linden Plaza Preservation, an affiliate of RY Administration. It was one of many 12 months’s largest multifamily transactions within the metropolis.
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