New York-based Phoenix Realty Group has acquired a $96 million (€64 million) portfolio of low-income apartments in Brooklyn from the Bedford Stuyvesant Restoration Corporation. The deal was agreed in 2005 and includes $30 million for renovation of the properties.
Located in the Bedford-Stuyvesant neighborhood of Brooklyn, the properties comprise 362 low-income apartment units in 15 apartment buildings throughout three developments: Restore Housing, Albany Crossing Apartments and Kingston Heights Apartments.
“We see value in these properties both to the community and to the overall development of the city,” said Phoenix managing director Ron Orgel. “The city has been stressed with the downturn in housing prices. The Bedford-Stuyvesant properties as, lower- to middle-income housing, being able to preserve and revitalize these properties is critical.”
The properties will continue to remain as affordable housing units following the transaction, Orgel said.
Renovations of the properties will be managed by PRG Bedford-Stuyvesant Partners, a joint venture of Phoenix Realty Group and New York-based Shinda Management. All buildings will receive new kitchens, baths, flooring, lighting, roofing, boilers, lobbies, balconies, windows and landscaping over the next two years.
Last month, Phoenix closed the Metropolitan Workforce Housing Fund and the Genesis Workforce Housing Fund II. Together the two funds raised $470 million.