NEW YORK CITY-L +M Development Partners and Citi Community Capital have launched a $150-million fund targeted at acquiring and renovating low and middle-income apartment properties that do not receive conventional government aid.
The NYAH II fund, is a successor to a 2010 fund by Citi Community Capital, a unit of Citigroup Inc., and L+M, which invested $100 million to purchase more than 4,700 housing units in the New York area, according to the Wall Street Journal. Ron Moelis, chief executive of L+M Development Partners, says the fund allowed them to invest in properties despite limited government funding in recent years.
L+M has already closed on its first purchase with the new fund—a project on Pinehurst Avenue in Washington Heights and has others in the pipeline scheduled to close soon.
"We're not always going to be the most aggressive bidder for an asset. In some cases we're going to lose. There certainly is room for vehicles like this," says Eben Ellertson, director of the fund at L+M. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
