**Longacre Acquires Related’s Simply Better Bronx Portfolio in $196 Million Deal**
Longacre, a joint venture between Peter Hungerford’s PH Realty Capital and David Kaye and Joe Listhaus’s Rockledge, has acquired the Simply Better Affordable Housing portfolio from Related Companies. The transaction, reportedly valued at $196 million, includes 2,021 rent-stabilized units across 34 multifamily properties located in key northern Bronx neighborhoods such as Kingsbridge, University Heights, Pelham Parkway, Norwood, and Wakefield.
The acquisition underscores Longacre’s commitment to expanding access to stable and affordable housing in New York City. As part of its strategy, the firm plans to revitalize the portfolio by bringing a significant number of currently vacant units back online. This move aims to enhance housing availability in some of the city’s most underserved markets.
“We love this investment,” said Peter Hungerford. “We love it because it is NYC affordable housing. We love it because the business plan is straightforward. We love it because it is bringing more affordable housing to New Yorkers. The Bronx is one of the most densely occupied housing markets in the country, and we’re proud to be part of the solution that supports long-term housing stability for thousands of families.”
This acquisition signals a sustained interest from private equity and real estate investment partners in preserving and expanding the city’s affordable housing stock, particularly at a time when demand for reasonably priced units continues to grow.
