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Ariel Property Advisors Arranges Partial Sale of Three Affordable Multifamily Buildings in Brooklyn

Ariel Property Advisors has arranged a $9,292,000 partial interest sale in three affordable multifamily buildings with 163 units in the Williamsburg and Brownsville neighborhoods of Brooklyn.

Victor Sozio, a Founding Partner of Ariel Property Advisors, and Shimon Shkury, President and Founder, represented the seller, Dunn Development Corp. The buyers include the Community Preservation Corporation (CPC), The Community Development Trust (CDT), Monadnock Development, Red Stone Equity Partners and the Black Developers Network Triboro (BDN Triboro).

The three multifamily buildings were part of a larger portfolio that traded early last year. The same group of buyers purchased a partial interest in 13 buildings in the portfolio with 1,036 units for $36.5 million. In that sale the buyers pledged that all of the apartments will remain affordable for low-income tenants and proceeds from the deal will capitalize a newly formed charitable organization focused on social justice and human rights, the Blue Sky Social Justice Fund.

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