NEW YORK CITY-In an effort to save almost 1,000 units of affordable housing, Global One Real Estate Fund, in conjunction with the New York Affordable Housing Preservation Fund, a joint venture between L+M Development Partners and Citibank, has purchased interests in th Lafayette Boynton rent-stabilized apartment complex in the Soundview section of the Bronx. The JV acquired the four-building, 972-unit property for $51.5 million from AREA Property Partners.

The deal falls closely in-line with AREA’s company strategy of repositioning distressed assets and attracting institutional investors to them, which was outlined in the November 2011 issue of Real Estate Forum. “It is natural occurrence as it relates to this plan,” James H. Simmons, partner and head of US emerging markets at AREA Property Partners, tells GlobeSt.com. “We came in and acquired the complex and invested a large amount of capital in improving the infrastructure of these buildings and providing a much higher quality of living experience.”

The transaction will continue AREA’s previous efforts to improve the buildings. With a goal of cutting energy consumption of the complex by 35%, the joint venture will continue a $14 million improvement program, primarily focused on energy conversation. Plans for the property call for new windows, lobbies, entryways, elevators, grounds and hallways.