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Taconic, Clarion Form $400M NYC Affordable Housing JV

The partnership has closed on its first purchase, a five-property portfolio of 368 rent-stabilized apartments in the Fordham, Belmont and Concourse sections of the Bronx.

By John Jordan | Updated on February 05, 2018

Exterior of Eastchester Heights apartments Taconic Investment Partners and Clarion Partners acquired the 1,416-unit Eastchester Heights apartment complex in the Bronx in 2007 for $136 million.

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.

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