Brooklyn Affordable Housing Portfolio Changes Hands for $80M
The properties benefit from a mix of tax abatement and rent stabilization laws.
Camber Property Group has sold the Prospect Park South Portfolio, an eight-building, 387-unit collection of affordable housing assets in Brooklyn, N.Y. totaling 411,892 square feet of space. The properties traded for $79.9 million, or $193 per square foot, in a deal arranged by Ariel Property Advisors. Yardi Matrix identified the seller.
The eight properties included in the sale were 816 Ocean Ave., 682 Ocean Ave., 672 Ocean Ave., 666 Ocean Ave., 280 E. 21st St., 95 E. 18th St., 91 E. 18th St. and 221 Linden Blvd. Camber purchased the portfolio in 2020 for $90 million, Crain’s reported.
Communities in the Prospect Park South Portfolio have floorplans that range from studios to five-bedroom units, with a majority of residences being one- and two-bedroom apartments. The portfolio also benefits from an Article XI tax abatement, in addition to long-term affordability protections stemming New York Private Housing Finance Law Section 610.
READ ALSO: 3 Effective Strategies for Preserving Housing Affordability
One property in the sale is 221 Linden Blvd., a 145-unit community located in Brooklyn’s Flatbush neighborhood. The asset rises six stories and includes hardwood floors, controlled access and onsite laundry. Some of the properties included in the sale are close to Prospect Park, as well as Brooklyn College.
Ariel Property Advisors Founding Partner Victor Sozio, President & Founder Shimon Shkury, Partner Sean Kelly, Director Remi Mandell, Director Lawrence Sarn, Associate Director Nicole Daniggelis and Investment Sales Associate Erik Moloney arranged the sale on behalf of Camber Property Group.
In the Park Slope neighborhood, Ariel recently facilitated another the $5.6 million sale of two four-story buildings at 334-336 Ninth St. Last September, the firm also brokered the $19.6 million sale of the Tegford Portfolio, a nine-building, 163,428-square-foot collection of assets in the Bronx.
Affordable housing activity in Brooklyn
As of the start of this year, the borough had 17,398 units under construction, with a fully affordable inventory of 7,070 units, according to Yardi Matrix data. In October 2025, Camber, along with the Institute for Community Living and New York City’s Department of Social Services, opened a new 182-unit affordable housing community at 2886 Atlantic Ave. It was the first community in Brooklyn to launch under the Affordable Housing Services program.
In September of last year, a joint venture between Gilbane Development, Blue Sea Development and Artspace began work on Brownsville Arts Center & Apartments, an affordable development that will bring 283 apartments to the neighborhood. The project represents a $254 million investment and is slated for completion in 2027.
In December Greenpoint Central, a 437-unit mixed-income community, received a $285 million refinancing loan. The community was built in two phases, with 30 percent of its units designated as affordable.
