Property Overview In March 2007 Taconic acquired Eastchester Heights, a 114 building apartment complex located on five city blocks in the Bronx, NY. The property was acquired on an off market basis. The buildings were constructed in 1934 and consist of 1,416 apartments spread over five city blocks. The 114 individual buildings form 6 larger building clusters with courtyards, a playground area and a small parking lot.

Investment Strategy All of the individual units are rent stabilized; as such, the overwhelming majority of the units average 20% below the area market rent. As units turnover, Taconic will perform interior renovations including new kitchens, new bathrooms and the refinishing of apartment floors, thereby increasing their rental value. Improvements to landscaping, building entrances and hallways have been substantially completed by prior ownership and will be finished by Taconic.

Building Amenities Area Amenities: The complex borders Boston Road, which has many grocery stores, shops and restaurants. Also close by is the Bronx Zoo and the Bronx Botanical Gardens.

Transportation Access: Two Subway lines are within walking distance to the property. The 5 train is 4 blocks away, which connects to the 2 train one stop from there. Additionally, there are several express bus stops along Boston Road.

Parking: The property offers approximately 30 parking spaces and ample on-street parking.

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