Fuchs and Doshi of Besen arrange $6.36m portfolio sale

Hal Fuchs and Amit Doshi of Besen & Associates recently arranged the sale of a portfolio of buildings in the University Heights neighborhood for $6.36 million. The two five-story walk-up apartment buildings have a combined total of 83 apartments and 295 rooms. The properties were built in the 1920s and are approximately 79,222 s/f GLA. The deal sold for 7.43 times the gross rent, with a cap rate of 9.23% and a price per s/f of $80.28. The average rent per apartment is $859.75 per month and the average rent per room is $241.89. Fuchs and Doshi represented the seller and purchaser.