Fairstead and Invesco Real Estate have acquired 1,904 affordable units across 48 buildings and 2.3 million square feet in the Bronx in what is the largest deal of its kind in New York this year by both portfolio and investment size.
The portfolio was previously managed by Property Resources Corporation (PRC) and includes properties in Longwood, Tremont, Crotona Park and Morrisania. PRC is one of New York City's most prominent developers of market rate and affordable housing, with more than 6,500 units representing more than $1 billion built or redeveloped throughout its history in addition to a current pipeline of projects of more than 2,000 units totaling $600 million of development. PRC chose Fairstead because of their dedicated track record creating positive social, economic and environmental change for residents.
Fairstead recently announced a new $500 million equity commitment to strategically growing the company's operations, including expanding its multifamily h
