Ariel Property Advisors arranges $80 million sale of Prospect Park South affordable housing portfolio
Brooklyn, NY Ariel Property Advisors (Ariel) arranged the sale of a 411,892 s/f, eight-building, 387-unit affordable housing portfolio situated in the Prospect Park South neighborhood of the city for $79.85 million, or $193 per s/f.
The eight properties in the Prospect Park South portfolio are located at 816 Ocean Ave., 682 Ocean Ave., 672 Ocean Ave., 666 Ocean Ave., 280 East 21st St., 95 East 18th St., 91 East 18th St., and 221 Linden Blvd.
An Ariel team comprised of founding partner Victor Sozio, president and founder Shimon Shkury, partner Sean Kelly, Esq., director Remi Mandell, director Lawrence Sarn, associate director Nicole Daniggelis, and investment sales associate Erik Moloney arranged the sale on behalf of the seller.
“Large-scale affordable housing portfolios in prime Brooklyn locations continue to generate strong interest from institutional and private investors alike,” said Sozio. “Our team was able to navigate the challenges of selling scattered, rent stabilized, pre-war buildings in today’s market by highlighting the portfolio’s accretive assumable financing and the benefits of the 610 amendment that was previously obtained.”
The portfolio’s 387 residential units include a diverse apartment mix consisting of 33 studios, 154 one-bedroom, 121 two-bedroom, 56 three-bedroom, 14 four-bedroom, and 9 five-bedroom units. Additionally, the portfolio benefits from an Article XI tax abatement and 610 amendment, further enhancing its long-term operating profile and investment appeal.
The Prospect Park South portfolio offers access to Prospect Park, Brooklyn College and local transportation via multiple subway and bus routes.