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The Miles The Miles at 1990 Lexington Ave. in East Harlem is part of the L+M, Invesco portfolio

NEW YORK CITY— L+M Development and Investco Real Estate are purchasing and renovating a $1.2 billion, 2,800-unit apartment portfolio and returning 1,800 apartments to rent regulation. Although the real estate industry has often complained that affordable housing doesn’t pencil, the developers in this deal are receiving governmental tax breaks, to financially keep tenants in place and expand the affordable housing stock.

Brookfield Asset Management and Urban American are selling the five former Mitchell-Lama developments. Rent regulatory agreements will cover all of the units under the New York City Department of Housing Preservation & Development and New York State Home & Community Renewal.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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