New Jersey-based investor Ruben Schron has purchased a portfolio of 20 apartment complexes in New York, New Jersey and Pennsylvania for $280 million. The seller of the 6,500-unit portfolio was an investment group led by an affiliate of New York-based Emmes & Co. LLC.
The 20 complexes were part of a 10,800-unit portfolio that once served as collateral for two defaulted bond issues. Emmes and its affiliates purchased the mortgages on the portfolio in late 1997 from an investment bank for $272 million and then spent more than $50 million on capital improvements. Two huge properties were included in the deal: Eastchester Heights, a 1,400-unit complex in the Bronx, N.Y., and Mill Run at Union Apartments, a 1,170-unit complex in Union, N.J.