The Real Deal New York

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

Stevenson Commons consists of 11 resi buildings and 955 units
By Eddie Small | July 14, 2017 12:40PM

755 White Plains Road (Credit: Google Maps)

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.