Taconic, Clarion Partners form JV to pursue affordable housing in N.Y.
Taconic Investment Partners, an owner, operator and developer of commercial and residential real estate, has formed a venture with Clarion Partners, a real estate investment manager, that will pursue the acquisition and renovation of affordable-housing properties in New York City.
The new venture, Quality Communities, has already closed on its first investment, a five-property portfolio in the Fordham, Belmont and Concourse sections of the Bronx from the New York City pension funds and Related Cos. for $71 million. The portfolio consists of 368 apartments.
Taconic has hired Ty Barnes as the vice president of acquisitions to lead the venture.
The partnership intends to invest up to $400 million in the new venture.