New York Skyline.

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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.

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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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Previously the portfolio was run by the Urban Americanclosed-end fund, which had neared the end of its expiration. Madison provided the underlying limited partners withliquidity. The recapitalization allows Urban American to continueits business plan of implementing energy initiatives and buildingupgrades throughout the portfolio, according to Dickerman.

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.