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Related has acquired 265-475 Cherry Street

265-475 Cherry Street (Credit: Google Maps)

Related Companies has signed a contract to acquire a pair of Section 8 buildings at 265-475 Cherry Street from CIM Group and L+M Development Partners for $435 million, according to The Real Deal. The Lower East Side buildings consist of around 500 units combined.

  • Why it matters: Affordable-housing deals are more attractive to investors now because rents are more reliable than those in market-rate buildings. The Section 8 contract covering these properties is a long-term agreement wherein the federal government provides a subsidy for tenants to cover their rent.
  • FlashbackCIM + L+M paid around $280 million for the properties in 2013. [TRD]

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