In a transaction that closed on July 30, 2020, K & R Preservation acquired Spring Creek Gardens Apartments, a multifamily apartment complex located at 902 Drew Street, in the Lindenwood section of Brooklyn. The purchase will eliminate the risk of 581 housing units from conversion to market rate rentals. The property includes 193 studio units, 98 one-bedroom units, and 290 three-bedroom units, including one superintendent unit. Spring Creek Gardens is subject to affordability restrictions on 85% of its units which will limit vacancy risk and supply the community with quality affordable housing. The project currently benefits, and will continue to benefit, from a 420-C tax abatement.
SPRING CREEK GARDENS