Affordable housing developer Camber scoops up Section 8 portfolio
Omni New York traded three communities with 306 affordable units for $105M
Camber Property Group has acquired a portfolio of three project-based Section 8 communities across three boroughs in New York City for $105 million.
Founded by L+M Development Partners alumni Rick Gropper and Andrew Moelis, Camber has been focusing on developing and preserving affordable housing in the city.
Camber’s most recent acquisition, known as the Triboro Portfolio, features a total of 306 affordable units across three buildings:
- Grace Towers Apartments, a complex of two six-story buildings at 2060 Pitkin Avenue featuring 168 affordable units. The 80,000-square lot is nestled between Brooklyn’s Broadway Junction and New Lots neighborhoods.
- Target V Apartments, an 83-unit community at 1971 and 1975 Grand Avenue in the Morris Heights section of the Bronx. It consists of two six-story elevator buildings at the corner of Grand and East Tremont avenues.
- Madison Avenue Apartments, a 55-unit complex at 2059-61 and 2063-71 Madison Avenue in East Harlem in Manhattan. The community consists of a five-story walk-up and four-story elevator-served building on the east side of Madison Avenue between 130th and 131st streets.
The portfolio has been owned by Mo Vaughn and Eugene Schneur’s Omni New York, according to property records. The company did not immediately return a request for comment.
According to its website, the firm acquired those buildings between 2005 and 2009 and has invested millions of dollars to rehabilitate them. Camber also plans to undertake upgrades to those buildings, according to the company.
The seller’s top priority included finding a buyer that could navigate local regulatory requirements and assure a year-end closing, said Gene Leventhal of SVN Affordable, who represented the seller with Jamie Renzenbrink. The buyer was represented by Camber’s Mark Abramowicz.
Government-subsidized multifamily buildings across the city have fielded a recent surge of interest from investors because of the properties’ potential for stable long-term income. In November 2020, Related Companies marked Manhattan’s largest multifamily transaction the year when it paid $435 million for a pair of Section 8 buildings at 265-275 Cherry Street on the Lower East Side.
In August, Camber paid $30 million for another project-based Section 8 apartment complex, the 60-unit Johanna Apartments community in Central Harlem. The firm in July celebrated the opening of the Dr. Joan O. Dawson Plaza, a 138-unit 100 percent affordable housing apartment developed in partnership with the Harlem Congregations for Community Improvement.