NEW YORK CITY – Madison International Realty, a real estateprivate equity firm, has closed on the recapitalization of a $275Mmultifamily portfolio in New York. The deal includes UrbanAmerican, an apartment operator who will continue to manage the 15properties consisting of studios, one, two, and three-bedroomapartments and ground-floor retail.
Madison International saw the deal as a no-brainer acquisitionbecause of the pent-up demand for affordable housing properties inthe city. "Despite the changing regulatory environment, therecontinues to be a shortage of quality affordable housing in thegreater New York area. The densely-populated neighborhoods allowthe portfolio to benefit from stable occupancy and offers strongconsistent cash flow," said Ronald Dickerman, Madison InternationalRealty founder and president, in a prepared statement.
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