Longacre acquires Simply Better Affordable Housing portfolio

Bronx, NY 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.

The portfolio comprises 2,021 rent-stabilized units across 34 multifamily properties, totaling more than 2.1 million s/f. Located in northern Bronx neighborhoods — Kingsbridge, University Heights, Pelham Parkway, Norwood, and Wakefield — the properties serve as a component of the borough’s housing infrastructure with an average rent of just $1,490.

With average unit sizes exceeding 1,000 s/f — 250 s/f larger than the borough average — the Simply Better Portfolio offers residents more livable, spacious homes in an area where demand for affordable housing continues to grow. Longacre is undertaking significant revitalization efforts to bring a large number of vacant apartments back online, ensuring expanded access to stable and affordable housing options.

“We love this investment.  We love it because it is NYC affordable housing.  We love it because the business plan is straight forward.  We love it because it is bringing more affordable housing to New Yorkers,” said Hungerford. “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.”

Over the past three years, Longacre has acquired nearly 5,000 units, further establishing itself as a leading force in New York’s affordable housing sector.

“This portfolio reflects our ongoing commitment to improving access to quality housing across the boroughs,” said David Kaye of Rockledge.

“Our goal is not only to grow, but to do so responsibly—by investing in the long-term health of our properties, our tenants, and the communities they call home,” said Joe Listhaus of Rockledge.