Kickerbocker Village

L+M Fund Management has acquired the Knickerbocker Village affordable housing complex, consisting of 1,600 units, for $84.6 million. The purchase, from Stellar Management, includes a commitment of $50 million for renovations to the aging complex in Two Bridges. All units will remain affordable under the state’s Article IV program, ensuring continued affordability for residents. Despite previous legal challenges from dissenting tenants, the deal has now been finalized, with agreements in place to protect existing residents from significant rent increases and to ensure stable housing for years to come.