Ariel Property Advisors has sold a 13-building Bronx apartment portfolio for a record $90 million.
The sale of what was dubbed the Continental Portfolio is The Bronx’s largest multifamily deal to take place so far this year, edging out A&E Real Estate’s $89 million purchase of Netherland Gardens.
Ariel’s Victor Sozio, Shimon Shkury, Michael A. Tortorici, Scot Hirschfield, Jason M. Gold and Marko Agbaba represented the sellers,a partnership of of Continental Properties and institutional investors advised by J.P. Morgan Asset Management. The team also brought in the un-named buyer, identified only as a private investor.
“Similar to other large-scale multifamily and development transactions in 2015, The Continental Portfolio attracted a broad spectrum of investors that are increasingly focused on Bronx real estate opportunities,” said Sozio.
Shkury, president of Ariel Property Advisors, added, “Bronx multifamily properties have seen incredible appreciation throughout 2015. Third quarter statistics show the average price per square foot and price per unit up nearly 27 percent year-over-year.”
Of the Continental Portfolio’s 13 buildings, four are elevatored and the remaining nine are walk-ups. Combined, the buildings contain 612 units and have a gross area of 553,304 s/f. The sale price equates to over $160 psf.
The properties are clustered around four Bronx neighborhoods. Five are in the Mount Eden/Mount Hope section, located at 1685 Morris Ave, 1704 Morris Ave, 1711 Morris Ave, 1715-1717 Walton Ave and 1727-1729 Walton Ave.
Three walk-up s at 1165 Gerard Avenue, 1170 Gerard Avenue and 1236 Grand Concourse are located in the Lower Concourse.
Four are in the University Heights/Fordham section, located at 2226 Loring Place, 2322 Loring Place, 2333 Loring Place and 2442 Morris Avenue. Lastly, 4138 Barnes Avenue lies in the Wakefield section of the Bronx.
“We remain excited about the long term prospects for Bronx multifamily assets and look forward to seeking out new opportunities there,” said Howard S. Rappaport, principal at Continental Properties.