Group launches affordable housing spending spree with $30m in deals.

Showing continued faith in the affordable rental housing market in Manhattan and the Bronx, Ocelot Capital Group completed acquisitions of nine apartment buildings in those boroughs for a combined price of $25.5 million.

Deutsche Bank provided the financing for a portion of the portfolio.

In addition, the company has contracted to purchase eight more apartment buildings at a total price of $24.175 million in transactions that are scheduled to close through the first quarter of 2007. Ocelot plans to spend another $30 to $40 million on affordable rental properties by midyear. "As we begin our second year, we're proud that Ocelot Capital will soon be one of the leading local firms with investments in affordable rental properties," said Rachel Arfa, the company's president. "These properties provide stable cash flow and have good long-term profit potential."

Ocelot Capital is the manager of Ocelot Portfolio Holdings LLC, a joint venture between Ocelot Capital and Eldan Tech Ltd., a real estate and development company traded on the Tel Aviv Stock Exchange.

Formed in December, 2005 by Arfa and Alexander Shpigel, the New York-based, privately held firm acquires, operates, and manages an extensive real estate portfolio both for its own account and with joint-venture partners.