Camber Buys $76M Bronx Residential Building from Stellar Management
With the sale of Highbridge House at 1133 Odgen Ave. which closed on Friday, all 400 units will be affordable housing.
NEW YORK CITY—Stellar Management sold its Bronx residential building known as Highbridge House at 1133 Ogden Ave. for $76.24 million to a joint venture of Camber Property Group, Belveron Real Estate Partners and the New York City Department of Housing Preservation and Development, according to Real Capital Analytics. Rosewood Realty Group’s Aaron Jungreis brokered the deal representing both buyer and seller. The deal closed on Friday.
In June 2006, Stellar originally purchased the approximately 283,248-square-foot building. During its 13-year ownership, Stellar completed building-wide improvements. This included apartment renovations, extensive façade and terrace maintenance work and a new lobby. The owners upgraded common areas and hallways throughout the building, replacing the roof and windows and installing new boilers.
Built in 1947, 1133 Ogden Ave. is a 26-story, high-rise building with 400 residential units, the majority of which have balconies. All of the units will be affordable housing. The building has high-speed elevators, on-site laundry, on-site maintenance, a parking garage, a community room and a playground.
The deal closed at a time when the price of rental properties have increased in the Bronx. The MNS June 2019 Bronx Market Report noted the average rental rate in the South and Southwestern districts of Mott Haven, Concourse, Highbridge, Morris Heights, University Heights and Riverdale increased by 2.72%. The property at 1133 Ogden Ave. is in the Concourse neighborhood.
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don’t miss out on joining the 1000+ of the industry’s top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Also, be sure to get your nomination in for our multifamily influence feature by July 24th. Click here to register and view the agenda.