Taconic, Clarion form JV to pursue affordable housing
Investors increasingly have made environmental, social and governance factors an important component of their decision-making process, and affordable housing is an asset class that has begun to be included in the ESG rubric.
Clarion Partners recently formed a $400 million joint venture with Taconic Investment Partners to pursue the acquisition and renovation of affordable-housing properties in New York City. In 2017, Taconic hired Ty Barnes as vice president of acquisitions to lead the venture.
“This venture will vastly improve the quality and supply of affordable housing in the city,” said Barnes in a statement.
The new venture, Quality Communities, has closed on its first investment, a five-property portfolio in the Fordham, Belmont and Concourse sections of the Bronx, purchased from New York City pension funds and Related Cos. for $71 million.
In 2007, Clarion and Taconic invested in Eastchester Heights, a Bronx apartment community.