NEW YORK CITY—Taconic Investment Partners and Clarion Partners, LLC have launched a $400-million joint venture that will be focused on acquiring and renovating affordable housing properties here.
The partnership called Quality Communities has closed on its first purchase—the $71-million acquisition of a five-property portfolio consisting of 368 rent-stabilized apartments in the Fordham, Belmont and Concourse sections of the Bronx from Related Cos. and New York City pension funds.
In conjunction with the formation of the Quality Communities venture, Taconic has hired Ty Barnes as the VP of acquisitions to lead the venture. Barnes comes to Taconic from Related Companies where he most recently served as acquisitions senior manager. Barnes was part of Related's acquisitions and development teams that purchased more than 2,000 luxury development units in New York City and approximately 16,000 units nationally.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
