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

Investment Strategy Recognizing the opportunity to create additional value, the improvements to landscaping, building entrances and hallways that had been implemented by prior ownership were completed by Taconic. In addition, interior renovations including new kitchens, new bathrooms and the refinishing of apartment floors, have been undertaken as apartments are vacated resulting in increased rents and occupancy.

When Taconic acquired the rent stabilized property the overwhelming majority of units averaged 20% below the area market rent. Today, the Eastchester Heights is widely regarded as the prime complex in its neighborhood and has achieved 97% occupancy.

Building Amenities Area Amenities: Bordering Boston Road with its many grocery stores, shops and restaurants, the complex is also close to the Bronx Zoo and the Bronx Botanical Garden.

Transportation Access: Two Subway lines are within walking distance and several express bus stops are located along Boston Road.

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

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