Camber Property and nonprofit buy Bronx housing complex for $71M

Stevenson Commons consists of 11 resi buildings and 955 units

New York /
Jul.July 14, 2017 12:40 PM

UPDATED, 1:05 p.m., July 17: Camber Property Group has teamed up with nonprofit Settlement Housing Fund to purchase a package of 11 residential buildings in the South Bronx for $70.9 million, property records show.

The Section 8 housing complex, known as Stevenson Commons, is located at 755 White Plains Road in Clason Point and spans 1 million square feet. It contains 955 units, 948 of which are residential.

The organizations purchased Stevenson Commons from Belveron Real Estate Partners, a San Francisco-based company that focuses on preserving affordable housing. Settlement Housing will serve as the Housing Development Fund Corporation (HDFC), while the ownership team will be a joint venture called Stevenson Commons Affordable LLC, consisting of Camber, Belveron and LIHC Investment Group.

The new owners will preserve the units as affordable and have committed to staying in the Mitchell-Lama housing program for 40 years.

Ownership released a joint statement saying the deal “preserves an important cornerstone of the Soundview community for decades to come.” Settlement Housing referred questions about the purchase to Camber Property.

Brooklyn investor Joel Gluck purchased a Section 8 housing complex in Clason Point last February for $66.7 million, and nonprofit Phipps Houses hopes to rezone a property in the nearby Soundview neighborhood to construct a 220-unit affordable housing complex.

This story was updated to include more information about the ownership of the complex.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
Maddd Equities, Joy Construction score $64M for massive Bronx project
Maddd Equities, Joy Construction score $64M for massive Bronx project
(iStock)
Banks, tech among departures sinking Midtown office market
Banks, tech among departures sinking Midtown office market
Irvine Company chairman Donald Bren, Tishman Speyer CEO Rob Speyer, and 200 Park Avenue (Getty Images, Irvine Company, iStock)
Capital Grille signs with Tishman Speyer, Irvine at MetLife Building
Capital Grille signs with Tishman Speyer, Irvine at MetLife Building
Amazon CEO Andy Jassy (Getty Images, iStock)
Amazon to scrap industrial properties in warehouse strategy flip
Amazon to scrap industrial properties in warehouse strategy flip
L-R: Savanna's Chris Schlank, Eastdil Secured's Will Silverman, JLL's Bob Knakal (Photos by Paul Dilakian)
Office royalty talk conversions, distress and the “downsize upgrade” trend
Office royalty talk conversions, distress and the “downsize upgrade” trend
Columbia Property Trust's Nelson Mills and 799 Broadway (Columbia Property Trust, 799 Broadway, iStock)
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...