Ariel Property Advisors brokers $90 million sale of 13-building Bronx portfolio; Team: Sozio, Shkury, Tortorici, Hirschfield, Gold and Agbaba

Bronx, NY Ariel Property Advisors has completed the sale of “The Continental Portfolio,” a package of 13 multifamily buildings throughout the Bronx for $90 million. The transaction is one of the borough’s largest multifamily deals to take place so far this year, edging out A&E Real Estate’s $89 million purchase of Netherland Gardens. Exclusive agents Victor Sozio, Shimon Shkury, Michael Tortorici, Scot Hirschfield, Jason Gold and Marko Agbaba represented the sellers, which consisted of Continental Properties and institutional investors advised by J.P. Morgan Asset Management, and procured the buyer, a private investor. Of the portfolio’s 13 multifamily buildings, four are elevatored and the remaining nine are walk-up properties.  Combined, the buildings contain 612 units and have a gross area of approximately 553,304 s/f.  The sale price of $90 million translates to over $160 per s/f. “Given our success in adding value to the portfolio and monetizing our investment, we remain excited about the long term prospects for Bronx multifamily assets and look forward to seeking out new opportunities there,” said Howard Rappaport, principal at Continental Properties. “Similar to other large-scale multifamily and development transactions in 2015, The Continental Portfolio attracted a broad spectrum of investors that are increasingly focused on Bronx real estate opportunities,” said Sozio, executive vice president of Ariel. “Bronx multifamily properties have seen incredible appreciation throughout 2015,” said Shkury, president of Ariel. “Third quarter statistics show the average price per s/f and price per unit up nearly 27%, year-over-year.” The portfolio’s 13 buildings are clustered around four distinct Bronx neighborhoods. Five of the buildings are in the Mount Eden/Mount Hope section, located at 1685 Morris Ave., 1704 Morris Ave, 1711 Morris Ave., 1715-1717 Walton Ave. and 1727-1729 Walton Ave. Three walk-up buildings at 1165 Gerard Ave., 1170 Gerard Ave. and 1236 Grand Concourse are located in the Lower Concourse section of the South Bronx. Four of the buildings are in the University Heights/Fordham section, located at 2226 Loring Place, 2322 Loring Place, 2333 Loring Place and 2442 Morris Ave. Lastly, 4138 Barnes Ave. lies in the Wakefield section.