An affordable housing portfolio consisting of four multifamily projects with 477 units and an approximately 525,000-square-foot development site located in the Morrisania, High Bridge, and Belmont neighborhoods of the Bronx has traded for $107,500,000, according to Ariel Property Advisors, which represented the seller.
The multifamily projects span a total of 551,320 gross square feet and all units in the portfolio are subsidized under HUD’s Project-Based Section 8 program.
An Ariel team led by Founding Partner Victor Sozio, along with President and Founder Shimon Shkury and Investment Sales Directors Jason Gold and Daniel Mahfar and Associate Director Evan Hirsch arranged the transaction. The buyer was a joint venture between Systima Capital Management, Gilbane Development Company, ELH Mgmt. LLC, and TerreAlto.
“The nature of the offering required us to work with a qualified purchasing group that not only understood the nuances of federally and locally subsidized affordable housing, but who also knew how to navigate the various challenges relating to the market and working with the governing agencies,” said Mr. Sozio. “The sale of this portfolio underscores the continued strong demand for affordable multifamily properties throughout the borough.”
The portfolio offers access to multiple mass transit options in addition to numerous commercial and retail spaces nearby, such as the Parkview Apartments location one block off the bustling East 187th Street corridor and close to the Bronx Zoo.