Ariel Property Advisors arranges $7.5 million sale of 143-unit multifamily portfolio

Bronx, NY Ariel Property Advisors (Ariel) closed the sale of a three-building multifamily portfolio at 2460 Grand Ave. and 636-646 East 231^st St. for $7.5 million.

An Ariel team led by Sam Schertz, senior director, along with Daniel Mahfar, director, and Erik Moloney, investment sales associate, arranged the transaction on behalf of the seller.

Bordering the neighborhoods of Wakefield and Fordham Manor, the portfolio comprises one elevator building and two walk-up buildings totaling 140,470 s/f, with 143 residential units ranging from studios to one-, two-, and three-bedroom apartments. The sale price translates to $52,447/unit and $53 per s/f.

The six-story building at 2460 Grand Ave. contains 49 units and 53,900 s/f. The two five-story buildings at 636 and 646 East 231^st St. contain 31 and 63 units, respectively, totaling 86,570 s/f.

The Grand Ave. property is near the 4, B and D subway lines, while the East 231^st St. properties are close to the 2 and 5 lines, providing access to both the east and west sides of Manhattan. The portfolio also benefits from its proximity to retail corridors including East Fordham Rd., the Grand Concourse and White Plains Rd., as well as major institutional anchors including Fordham University and Montefiore Medical Center’s Wakefield Campus.

“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.”