Nelson Management Group Expands NYC Portfolio

The company intends to upgrade the 357-unit workforce housing property in The Bronx.

Evergreen Gardens. Image courtesy of Nelson Management Group

Global One Real Estate Fund, an affiliate of Nelson Management Group, has acquired Evergreen Gardens, a 357-unit workforce housing community in the Bronx. The New York City Housing Development Corp. provided $23.6 million in permanent financing for the property, which will undergo a complex rehabilitation process.

Evergreen Gardens is protected by The Mitchell Lama status under Article 2 of the New York State Private Housing Finance Law, providing affordable housing across the state.

READ ALSO: New York Weighs ‘Good Cause’ Eviction Law

Located at 950 and 955 Evergreen Ave. in the Soundview neighborhood, the 328,071-square-foot asset encompasses 253 parking spaces and on-site laundry facilities. Evergreen Gardens is less than a mile from the 205-acre Soundview Park, while The Bruckner Commons shopping center is 1.2 miles away. Several transit options are within walking distance of the property, including the 6 subway line. The BX5 bus route connects the community to Grand Central Station and the Soundview Ferry stop.

Daniel Parker, managing director in the Commercial Investment Advisory practice at Hodges Ward Elliott, acted on behalf of the seller, who remained undisclosed.

The acquisition brings Nelson Management Group’s portfolio to more than 4,000 units across New York City. The company also owns 1520 and 1530 Story Ave., a 435-unit community across the street from Evergreen Gardens. In 2020, Global One purchased two properties, including The John Adams, a 112-unit asset in Queens that changed hands for $26.5 million.

You May Also Like

The latest multifamily news, delivered every morning.

Most Recent