Brooklyn Multifamily Portfolio Trades Near $80M Mark

Brooklyn multifamily portfolio sells for $80M as Camber Property Group exits eight rent-stabilized buildings near Prospect Park.

March 3, 2026

Jordan B.

Camber Property Group sold an eight-building Brooklyn multifamily portfolio for $79.9M.
The 387-unit portfolio is fully rent-stabilized and benefits from Article XI tax abatement.
Sale price mirrors the 2020 purchase, reflecting compressed values for rent-stabilized assets.
The buyer is a private investor; the sale highlights ongoing investor demand for affordable assets in Brooklyn.

Key Takeaways

Portfolio Details

According to Bisnow, Camber Property Group has exited a major Brooklyn multifamily holding, selling eight rent-stabilized properties in Flatbush for $79.9M. The properties, located near Prospect Park, contain a total of 387 units across addresses on Ocean Avenue, East 21st and 18th Streets, and Linden Boulevard.

Affordable Housing Protections

The Brooklyn multifamily portfolio is protected by a New York State Section 610 amendment, allowing tenants to pay 30% of their rent, with government subsidies covering the balance. The buildings also carry a 40-year Article XI tax abatement, offering significant local tax relief in exchange for long-term affordability and mandated property improvements. Camber initially entered into Article XI with the city at acquisition and has since invested heavily in upgrades.

Market Pressures on Rent-Stabilized Assets

Multifamily owners have faced declining revenues in recent years, particularly for rent-stabilized properties. Sale values have slumped as rent caps and operating costs weigh on owners, with pricing multiples dropping from around 15 times rent rolls in 2015 to roughly six times today. Article XI abatement has become a crucial strategy for landlords looking to stabilize finances and maintain asset value in this environment. The pricing reset has also shifted deal flow across the city, with investors increasingly favoring free-market buildings as transaction activity rebounds in parts of Manhattan and Brooklyn.

Investor Demand Remains

Despite market headwinds, institutional and private capital continue to pursue stabilized and affordable housing assets in high-demand Brooklyn neighborhoods. According to the brokers involved, large-scale affordable portfolios generate strong interest given their tax benefits and long-term stability, even as rent-regulated valuations remain challenged.