Prominent affordable and mixed-income housing landlord Camber Property Group sold an eight-building assemblage in Prospect Park for nearly $80 million.
Rick Gropper’s firm offloaded the Brooklyn portfolio for $79.9 million, Crain’s reported. The properties in the deal included 666, 672, 682 and 816 Ocean Avenue, 280 East 21st Street, 91 and 95 East 18th Street and 221 Linden Boulevard. The deal breaks down to more than $206,000 per unit.
The buyer was an affiliate of Star Realty Corporation. The Downtown Brooklyn-based firm does not have an online presence, but public records suggest a connection with developer Mordechai Piller.
Camber and Star both did not respond to requests for comment from the publication. An Ariel Property Advisors team including Victor Sozio, Shimon Shkury and Sean Kelly arranged the deal on behalf of Camber.
The eight-building portfolio comprises 387 affordable housing units, a spread that is fully occupied. There are 33 studios, 154 one-bedroom units, 121 two-bedroom units, 56 three-bedroom units, 14 four-bedroom units, and 9 five-bedroom spreads.
The assemblage spans 412,000 square feet and is situated south of the park. The buildings last traded hands in 2020, when Camber and Belveron Partners bought the properties for roughly $90 million.
Camber is coming off a relatively quiet year. In May, an entity connected to the firm sold two apartment buildings and a parking lot known as Carol Gardens at 820-880 Thieriot Avenue in the Soundview neighborhood of the Bronx for $54.5 million. The buyer was a company affiliated with Phoenix Realty Group. Camber acquired the properties in 2017 for $19.8 million; that deal was the first time the complex traded hands since it was built in the late 1960s.
At the end of 2024, however, Camber acquired Linden Plaza at 675 Lincoln Avenue in Brooklyn’s East New York for $845 million; the seller was Linden Plaza Preservation, an affiliate of RY Management. It was one of the year’s largest multifamily transactions in the city.
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