August 1, 2019
Pembrook Capital Management has closed on a preferred equity investment of up to $50 million to Prana Investments. The equity will allow Prana to continue acquiring workforce housing in both Los Angeles and New York City.
The Prana fund in which Pembrook invested currently owns 39 residential rental properties totaling 1,241 units. Seventeen properties and 435 units are located in Los Angeles, while 22 properties and 806 units are in New York.
“Los Angeles and New York City each have a critical shortage of affordable multifamily housing, and we expect continued overwhelming demand for quality, reasonably priced multifamily product such as this in both of these areas,” noted Stuart J. Boesky, CEO of New York-based Pembrook.
He added, “It is interesting to note that approximately 85% of all new multifamily properties are luxury Class A product, and very little new housing is being produced for the underserved affordable market.”
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
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