R.E. Property Group has bagged its sixth property since the company’s launch 11 months ago.
The firm — led by Edwin Shirazian and Ryan Zar — is in contract to purchase 2485 Elm Place in the Bronx for $3.25 million.
The off-market deal was negotiated by Capin & Associates vice president Isaac Kohanim.
2485 Elm Place is a 19,680 s/f multi-family building located off Fordham Road. It contains 26 apartments with an average unit size of 700 s/f. The sale price equates to a gross rent multiplier of 10.3 times, $165 psf, and $125,000 per unit.
R.E. Property Group is increasingly targeting the Fordham Heights location due to the high volume of foot traffic and the strong retail that surrounds Fordham University, according to Shirazian.
“The rental market in Fordham is exponentially appreciating in value and we strongly believe it’ll continue due to the high demand of student housing,” Shirazian said.
“With tremendous upside in every single unit and the market flourishing the way it is, we are extremely confident in this purchase.”
Zar, who is the firm’s director of acquisitions, described the property as “absolutely gorgeous.”
He added, “We knew we had to buy it immediately right after our first tour, and that’s exactly why we jumped on it incredibly fast.
“We locked it up at full asking price in order for it not to hit the market. We are incredibly pleased with the way our portfolio has grown so quickly.”
The partners said they are now “aggressivelyˮ expanding their portfolio of investments, with a focus on the Bronx, Harlem and Manhattan.