.,+222-228+Seaman+Ave.JPG) |
| 623 and 631 West 207th Street Apartments (left) 222-228 Seaman Avenue Apartments (right) Inwood Neighborhood, Manhattan, NY |
 |
| Peter Von Der Ahe |
NEW YORK, NY – Institutional Property Advisors (IPA), a
multifamily brokerage division of Marcus & Millichap serving the needs of
institutional and major private investors, has arranged the sale of a
three-property, 186-unit multifamily portfolio in Manhattan’s Inwood
neighborhood.
The properties are 623 and 631 West 207th St., 222-228
Seaman Ave. and 29-45 Sickles St. The $31 million sales price
equates to $166,667 per unit.
IPA’s Peter Von Der Ahe, Scott
Edelstein and Seth Glasser, along with Marcus & Millichap’s Jonathan
Schwartz, advised the seller, The Dermot Company Inc. The buyer is A&E
Real Estate Management LLC.
 |
| Scott Edelstein |
“The
acquisition of this well-performing portfolio provides the new owner with
reliable cash flow and the ability to capitalize on the future growth and
appreciation of this increasingly desirable neighborhood in Upper Manhattan,”
says Von Der Ahe.
“All three properties have received institutional-quality
maintenance for the past six years plus renovations that include updated common
areas, façade work and new roofing.”
The 623
and 631 West 207th St. property is near the A subway line station on the corner
of Broadway and West 207th St. and is close to shopping along the Broadway
Corridor.
 |
| Seth Glasser |
The
222-228 Seaman Ave. asset is west of Broadway on a quiet, tree-lined
residential block atop a hill neighboring historic Inwood Hill Park. Many of
the buildings on the block have undergone condominium or co-op conversion.
The 29-45
Sickles St. property has 225 feet of frontage, an attractive Tudor-style design
and meticulously maintained common areas, façade and mechanical systems.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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