Publications

Investors - FEBRUARY 5, 2018

Taconic, Clarion Partners form JV to pursue affordable housing in N.Y.

by Jody Barhanovich

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.

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