Wednesday, July 3, 2013

Bronx, NY Apartment Portfolio Sells for $6.3 Million

  


WHITE PLAINS, NY– Investment sales broker Northeast Private Client Group has announced the sale of three Bronx apartment properties:  2265 Morris Avenue, 2271 Morris Avenue and 2345 Crotona Avenue, which traded together as an 83-unit portfolio for $6,333,000.

Anthony Watkins
 Edward Jordan, JD, CCIM the firm’s managing director, and Anthony Watkins, a licensed associate in the firm’s White Plains office, represented the buyer in the off-market transaction which closed on June 25th.  

 “This Bronx portfolio represents a great repositioning play,” notes Jordan.  “The time was right for a well-capitalized investor to take these assets to the next level.  With our regional brokerage platform, we were able to identify just the right buyer for the assignment and get it closed.”

 The buyer, a prívate investor based in New York, purchased the three-building multifamily portfolio for a price that equates to $76,300 per unit, in excess of seven times gross rents for five-story walkup buildings. The seller, a Florida-based investment group, acquired the properties from New York Community Bank several years earlier.

Edward Jordan
 “The success of this transaction is a direct result of our commitment to relationship-based brokerage,” explains Jordan. “With our relationships and market expertise, we identified the buyer best suited to the opportunity.”

 For a complete copy of the company’s news release, please contact:

Rick Leonard
203.434.7734


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