New York City-based Hudson Valley Property Group and Phoenix Realty Group have partnered to acquire the 311-unit, 30-story Keith Plaza at 2475 Southern Blvd. and the 301-unit, 17-story Kelly Towers complex at 2375 and 2405 Southern Blvd in the Bronx, New York.
The acquisition will preserve the 612 formerly at-risk Mitchell-Lama units and extend the affordability of those apartments for another 35 years. Keith Plaza is one of the first four preservation projects in the nation that is capitalizing on the Rental Assistance Demonstration program that included the issuance of a new 20-year, Section 8 Project-Based Rental Assistance (PBRA) contract.
This is an excerpt of the article “Two Bx Mitchell-Lama Towers Traded” which appeared in GlobeSt.com on March 4, 2016.