Ariel Property Advisors arranged the sale of a three-building multifamily portfolio at 2460 Grand Ave. and 636-646 E. 231st St. in the Bronx for $7.5 million. Senior director Sam Schertz, director Daniel Mahfar and investment sales associate Erik Maloney represented the seller.
“This sale highlights the continued demand for multifamily properties offering scale and long-term upside in well-connected neighborhoods in The Bronx,” said Schertz. “With 143 apartments across three buildings, the portfolio presented a compelling opportunity to acquire a substantial rent-stabilized housing portfolio near major transit, retail corridors and institutional anchors.”
Bordering the neighborhoods of Wakefield and Fordham Manor, the portfolio comprises one elevator building and two walk-up buildings totaling 140,470 square feet, with units ranging from studios to one-, two-, and three-bedroom apartments. The sale price translates to $52,447 per/unit and $53 per square foot.
