New York, NY – Wavecrest Equities has purchased a portfolio of five buildings in the Little Italy section of the Bronx for $28 million and assumed two existing loans on the properties totaling $20 million.
The Belmont-Venezia Apartments are a 160,537 sq. ft. project-based Section 8 portfolio comprised of five separate buildings within one quarter mile of each other. The buildings that consist of a total of 180 apartments and two commercial spaces include: 2404-2416 Crotona Avenue, 2476 Hughes Avenue and 2431 Belmont Avenue.
It sold for a cap rate of 5.85 percent, $174 per sq. ft. and 156,000 per unit.
Rosewood Realty Group’s Ben Khakshoor and Alex Fuchs represented both Wavecrest and the undisclosed seller.
