Rick Gropper’s firm sold Brooklyn portfolio for $79.9 million, Crain’s reported. The properties in the deal include 666, 672, 682 and 816 Ocean Avenue, 280 East 21st Street, 91 and 95 East 18th Street and 221 Linden Boulevard. The deal amounts to more than $206,000 per unit.
The buyer was an affiliate of Star Realty Corporation. The Downtown Brooklyn-based company has no online presence, but public records suggest a connection to developer Mordecai Piller.
Camber and Star both did not respond to requests for comment from the publication. An Ariel Property Advisors team of Victor Sozio, Shimon Shkury and Sean Kelly arranged the deal on behalf of Camber.
The portfolio of eight buildings includes 387 affordable homes, a spread that is fully occupied. There are 33 studios, 154 one-bedroom units, 121 two-bedroom units, 56 three-bedroom units, 14 four-bedroom units and 9 five-bedroom spreads.
The assembly covers 412,000 square meters and is located south of the park. The buildings last changed hands in 2020, when Camber and Belveron Partners purchased the properties for approximately $90 million.
Camber has had a relatively quiet year. In May, an entity affiliated with the company sold two apartment buildings and a parking lot known as Carol Gardens at 820-880 Thieriot Avenue in the Soundview neighborhood of the Bronx for $54.5 million. The buyer was an affiliate of Phoenix Realty Group. Camber acquired the properties in 2017 for $19.8 million; that deal marked the first time the complex had been acquired since it was built in the late 1960s.
However, in late 2024, Camber acquired Linden Plaza at 675 Lincoln Avenue in Brooklyn’s East New York for $845 million; the seller was Linden Plaza Preservation, a subsidiary of RY Management. It was one of the city’s largest multifamily transactions of the year.
— Holden Walter Warner
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