Taconic, Clarion Selling Bronx Multifamily Portfolio for $65M: Sources
InterVest — formerly known as Wafra Capital Partners — is paying roughly $65 million for the portfolio, sources said.
The buildings were constructed between 1900 and 1930. Four are in the Bronx’s Concourse neighborhood at 1098-1114 Gerard Avenue, 1197 Grand Concourse, 1065 Jerome Avenue and 1534 Selwyn Avenue. Two are in the Fordham Manor neighborhood at 2543-2567 Decatur Avenue and 2608 Creston Avenue, and the seventh is in the borough’s Belmont area at 2353-3257 Crotona Avenue.
Known as the Quality Communities portfolio,the seven assets comprise 497,824 square feet across 16 buildings and 503 units, per an offering memorandum (OM) viewed by CO. It’s named for the $400 million affordable housing investment partnership formed between Taconic and Clarion back in February 2018, according to GlobeSt.
Cushman & Wakefield’s Adam Spies, Adam Doneger and Eric Roth negotiated the sale, and C&W is also currently placing the deal’s financing, sources said.
Although the buildings have been around since the early 1900s, Taconic and Clarion have invested roughly $16 million in capital improvements in the properties since they took the reins in 2018.
The joint venture made its debut investment in conjunction with its launch, purchasing five of the assets now trading hands from Related Companies and NYC Pension Funds for $71 million, per GlobeSt. In October 2018, the JV paid $27.8 million to add the Grand Concourse and Selwyn Avenue properties to the portfolio, The Real Deal reported.
And just because this particular Bronx tale is coming to an end for Taconic and Clarion, the partnership continues to remain active in the borough and have a significant footprint. Its Eastchester Heights housing complex at 3480 Seymour Avenue extends 15 acres and recently received props from residents for its management style, as well as climate-focused upgrades implemented at the property, according to NY1.
Officials at Clarion Partners and InterVest didn’t respond to requests for comment. Taconic and C&W officials declined to comment.
Cathy Cunningham can be reached at firstname.lastname@example.org.