Camber Property Group + Belveron Partners have acquired 1133 Ogden Avenue in the Bronx from Stellar Management for $76.3 million. The duo partnered with the New York City Housing Preservation and Development and will re-register the apartments under rent-stabilization for the next 40 years.
- Dig Deeper: The multi-family property spans 283,248 SF, and contains 400 units. It’s located in the Highbridge neighborhood between Griffith and Bowers Streets.
- Acquisition financing: New York Community Bank provided a $57 million loan with a 3.8 percent interest rate. Camber + Belveron also plan to spend $3 million to upgrade the elevators and building systems.
- Flashback: Stellar paid $19.5 million for the property in 2006. At the time, affordability restrictions were terminated in the building leading to one-third of the units being deregulated.