Invesco-led venture pays $1.2b for Manhattan apartment properties

A venture of Invesco Real Estate and L+L Development Partners has agreed to purchase and preserve five former Mitchell-Lama developments in Manhattan from Urban American and Brookfield Asset Management.

The regulatory agreements, covering all 2,800 units and enacted in partnership with the New York City Department of Housing Preservation & Development (HPD) and New York State Homes & Community Renewal (HCR), will secure long-term tenant protections, allowing L+M and Invesco to return more than 1,800 units in Manhattan to long-term regulation.

The deal was funded through the L+M Workforce Housing Fund, which completed fundraising in 2019 with $500 million of equity commitments, and was established to make social impact investments in affordable and workforce housing assets primarily in the New York City metropolitan a