834 and 838 Grand St. in Jersey City — Courtesy: Camber Property Group
By Joshua Burd
A firm that specializes in mixed-income and workforce housing is expanding to New Jersey, acquiring a nine-building, 74-unit portfolio in Jersey City for $21.5 million.
Camber Property Group, which is based in Manhattan, said it would embark on extensive renovations after closing on what it calls the Salem Lafayette Apartments portfolio. As part of the purchase, which it announced Friday, the firm will preserve and extend the portfolio’s project-based Section 8 affordability for an additional 20 years.
The properties include:
- 21, 25, 27, 31 and 33 Monticello Ave.
- 4 and 8 Madison Ave.
- 834 and 838 Grand St.
“We are thrilled to bring our commitment to creating and preserving high-quality affordable homes to Jersey City,” said Rick Gropper, principal of Camber Property Group. “Affordable housing is in critical demand in Jersey City and across northern New Jersey, and we look forward to bringing our innovative, hands-on approach to development and ownership to bear in this new market.”
The firm completed the transaction with debt financing originated by Walker & Dunlop on behalf of Fannie Mae, along with a sizable equity investment, according to a news release. Its planned improvements include immediate capital needs to preserve the buildings for the long term, implementing a preventative maintenance plan and creating new shared amenities within the properties.
Located within Jersey City’s historic Bergen-Lafayette section, the portfolio consists of 36 one-bedroom, 23 two-bedroom, four three-bedroom, eight four-bedroom and three five-bedroom apartments. Camber touted the buildings’ proximity to retailers, schools, restaurants and religious institutions, along with their access to major highways and mass transit.
Camber is a long-established operator in New York City, having completed affordable housing projects across the five boroughs, the news release. The firm recently opened The Strand, a 132-unit mixed-income development in Ridgewood, Queens, while also completing 134 affordable units for seniors at Victory Plaza in Central Harlem and another 200 units of affordable housing in The Bronx known as Tiffany Street Apartments.