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Starrett City Complex Changing Hands: Reports

A partnership of Brooksville Co. and Rockpoint Group is paying $850 million for the 5,881-unit apartment complex in Brooklyn, the nation's largest federally subsidized housing development.

By Paul Bubny | paulbubny | Updated on September 07, 2017

Exterior of apartment complex The 5,881-unit Starrett City complex, also known as Spring Creek Towers.

NEW YORK CITY—The nation’s largest federally subsidized housing development is changing hands, according to published reports Wednesday. Bloomberg Business and the New York Times reported that Starrett City Associates (SCA), the group that owns the 5,881-unit apartment complex in Brooklyn, is under contract to sell the property, also known as Spring Creek Towers, to a partnership of Brooksville Co. and Rockpoint Group for $850 million.

The Times reported that the deal for the 46-building rental complex, originally built in the 1970s, is subject to approval from the Department of Housing and Urban Development as well as state housing officials. Among the limited partners in Starrett City Associates is President Donald Trump, who controls a 4% stake and received more than $5 million in income from it in the past year, according to Bloomberg. HUD is overseen by Housing Secretary Ben Carson, a Trump appointee.

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