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BROOKLYN, NY-Taconic Investment Partners and Apollo Real Estate Advisors have acquired a 983-unit apartment complex here in the East New York neighborhood of the borough from the Lightstone Group for $90 million. The asset, called Fairfield Towers, is on 21 acres and made up of 19 buildings with one-, two- and three-bedroom apartments.

Taconic and Apollo management plan to spend an additional $40 million on the assets to renovate the apartments and common areas. New York City-based Taconic similarly revamped a complex in the Canarsie section of Brooklyn a few years ago.

The mid-rise Fairview buildings are on two campuses on Flatlands Avenue, near the Belt Parkway. The complex is geared toward middle-income residents, and the nonprofit Housing Partnership Development Corp., the city's Department of Housing Preservation and Development, together with New York Community Bank will assist potential apartment buyers with loans. Apartments could range in price from $100,000 to $300,000, anticipates