NEW YORK, Dec. 2, 2015 /PRNewswire/ -- New York based real estate company Candlebrook Properties announced the launch of their newest venture, CB3. Using Candlebrook's experience and success in the multifamily and student housing industries, CB3 will serve as a platform to create superior housing choices, social services and high-end management in the affordable housing industry.
Candlebrook has brought on veteran Josh Levy to lead the creation and operation of CB3. Levy has years of experience in the development and financing of affordable housing, having been an executive at affordable housing syndication and development firms. By combining the affordable housing development and finance experience of Levy with the development, management and construction experience of Candlebrook, CB3 will be able to create innovative development, construction, management and financing structures to create a platform that exceeds the expectations of tenants, lenders and investors.
"The housing cost burden in the United States continues to outpace the growth of income across the country. Housing is an imperative need of every individual and family, which will need to be satisfied in perpetuity. CB3 will create and reinvigorate housing options for tenants that provide the quality that our market rate tenants expect at pricing our workforce and low-income tenants can afford," says Levy.
Neil Rubler, Candlebrook's President, added "while the provision of high-quality workforce housing has always been a core focus of ours, we are particularly excited to now fully develop this segment of our business with a specific emphasis on the exploration of new technologies and design concepts around the creation of superior homes for residents of more limited means."
CB3 will focus on development and redevelopment efforts nationwide and is actively seeking individual properties and portfolios for purchase.
About Candlebrook Properties
Candlebrook was founded in 2005, and launched its business focusing on the acquisition and repositioning of distressed apartment properties in the New York City area. This business later expanded to the suburban New Jersey markets and Philadelphia, and to date, our portfolio has comprised over 15,000 apartment units representing over $2 billion in value. Its investment strategy is to identify underperforming assets with untapped intrinsic value that can be realized through the implementation of a hands-on approach to management and execution by its vertically-integrated platform. Candlebrook's team now consists of nearly 150 dedicated professionals, operating across the Midwest and East Coast.
Shari Misher Stenzler
SOURCE Candlebrook Properties