Meridian acquired the property in August 2017 when the building was 78% occupied, and invested more than $4 million in interior renovations during the past two years to bring occupancy up to nearly 90%.
Newport Real Estate Partners, focused on the acquisition and repositioning of value-add multifamily properties, acquired 460-unit The Fountains at the Bayou, which will be renamed Valencia Grove Apartments.
Landlords are under pressure to get their paperwork in order to meet the New York City Council’s Climate Mobilization Act (CMA) passed last year to reduce greenhouse gas emissions and improve efficiency for commercial and residential buildings larger than 25,000 square feet.
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