Ariel Property Advisors arranged the $33.6 million of a portfolio comprised of six multifamily elevator buildings located at 111-119 Tudor Place, 1170-1176 Walton Ave. and 309 East 164th St. in the Concourse and Concourse Village sections of the South Bronx.
An Ariel team led by Founding Partner Victor Sozio, along with President and Founder Shimon Shkury and Investment Sales Directors Daniel Mahfar and Jason Gold, executed the deal on behalf of the seller. The buyer was PH Realty Capital & Rockledge.
The 314,590-square-foot portfolio is comprised of 297 total units and includes 14 studio apartments, 67 one-bedroom apartments, 196 two-bedroom apartments, 19 three-bedroom apartments and one office unit. The acquisition cost breakdown encompasses $113,000 per apartment and $107 per square foot.
“We were happy to be able to execute on this transaction in spite of the volatility in the capital markets,” Sozio said. “The process and sale confirms there is still demand for well-maintained and managed rent stabilized assets; it is just a matter of price.”
