BROOKLYN, NY-Taconic Investment Partners and Apollo Real Estate Advisors have acquired a 983-unit apartment complex here in the East New York neighborhood of the borough from the Lightstone Group for $90 million. The asset, called Fairfield Towers, is on 21 acres and made up of 19 buildings with one-, two- and three-bedroom apartments.
Taconic and Apollo management plan to spend an additional $40 million on the assets to renovate the apartments and common areas. New York City-based Taconic similarly revamped a complex in the Canarsie section of Brooklyn a few years ago.
The mid-rise Fairview buildings are on two campuses on Flatlands Avenue, near the Belt Parkway. The complex is geared toward middle-income residents, and the nonprofit Housing Partnership Development Corp., the city's Department of Housing Preservation and Development, together with New York Community Bank will assist potential apartment buyers with loans. Apartments could range in price from $100,000 to $300,000, anticipates
Fairfield was built in the 1960s as part of the Mitchell-Lama subsidized housing program. Built as rental units, the apartments were converted into condominiums in the early 1990s, however only just over 10% of them sold at the time, and 167 of the units already had individual owners before the Taconic-Apollo deal.
Apollo Real Estate Advisors, based in New York City, is looking for similar revitalization projects throughout the city, says Richard Mack, the real-estate investment firm's managing director. An Apollo partnership earlier this year bought the 1,865-unit Lafayette Boynton and Lafayette Morrison complex in the Soundview section of the Bronx, which the firm is converting into condos. The firm also recently acquired Delano Village, an 1,800-unit apartment complex in Harlem.
Taconic and Apollo were assisted with acquisition financing by Evan Pariser of Holliday Fenoglio Fowler. The Lightstone Group was represented by Granite Partners. Taconic's legal advisers were Solomon and Weinberg, while Apollo was represented by Strook & Strook & Lavan. Pryor Cashman Sherman & Flynn represented Lightstone.
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