The Morrisania Multifamily Portfolio, a 17-building, 676-unit package in the Bronx, has changed hands for $85.5 million, Ariel Property Advisors has announced.
Two Trees Management dealt the portfolio to The Arker Companies. Shimon Shkury, president of Ariel Property Advisors, led the team of exclusive agents who represented the seller. Victor Sozio, Michael A. Tortorici, Scot Hirschfield, and Jason M. Gold made up the sales unit.
“This is going to be a very strong year for the Bronx, specifically in the multifamily sector, which accounts for more than 80 percent of the total dollar value of the borough’s investment property sales,” Shkury said.
“Year-over-year, the dollar volume of multifamily trades in the Bronx has jumped nearly 60 percent to more than $1.37 billion.”
Arker plans to maintain the affordability of the portfolio, which consists of Project Based Section 8 buildings operating under HAP agreements.
“We have seen in the past two years that there has been a significant increase in the value of these types of assets, but that’s in line with the multifamily market in general,” said Sozio, vice president of Ariel Property Advisors.
“The interest this package generated illustrates the expanded buyer pool for this specific product type,” added the broker. “The Morrisania Portfolio presented an ideal opportunity to preserve affordable housing, which is in line with the de Blasio administration’s 10-year housing plan.”
The 17 buildings total 674,565 gross s/f and are clustered between 165th to 169th Streets and Sheridan and Clay Avenues. The portfolio also includes a vacant lot.