NEW YORK, NY – October 29, 2015 – Ariel Property Advisors has announced the sale of “The Continental Portfolio,” a package of 13 multifamily buildings throughout the Bronx for $90 million. The transaction is The Bronx’s largest multifamily deal to take place in 2015 so far, edging out A&E Real Estate’s $89 million purchase of Netherland Gardens.
(L-R) Jason M. Gold, Michael A. Tortorici, Shimon Shkury, Victor Sozio and Scot Hirschfield
Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici, Scot Hirschfield, Jason M. 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 square feet. The sale price of $90 million translates to over $160 per square foot.
“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 S. 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 Victor Sozio, Executive Vice President of Ariel Property Advisors.
“Bronx multifamily properties have seen incredible appreciation throughout 2015,” said Shimon Shkury, President of Ariel Property Advisors. “Third quarter statistics show the average price per square foot 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 Avenue, 1170 Gerard Avenue 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 Avenue. Lastly, 4138 Barnes Avenue lies in the Wakefield section of the Bronx.
The Continental Portfolio
More information is available from the exclusive agents at 212-544-9500: Victor Sozio, ext. 12, vsozio@arielpa.com ; Shimon Shkury, ext. 11, sshkury@arielpa.com; Michael A. Tortorici, ext. 13, mtortorici@arielpa.com; Scott Hirschfield, ext. 16, shirschfield@arielpa.com; Jason M. Gold, ext. 22, jgold@arielpa.com; and Marko Agbaba, ext. 32, magbaba@arielpa.com.
About Continental Properties™: Continental Properties™, which was founded over 50 years ago, is one of the largest and most successful residential building and development organizations in the Tri-state region. The development activities of Continental Properties™ include award-winning residential communities throughout New Jersey, New York, Connecticut and other states. Continental Properties™ has developed, owns and manages thousands of apartments in dozens of rental communities. In addition, it has built over 25,000 homes over the past 50 years. In New York City, Continental co-developed 325 Fifth Avenue, a 48 story condominium tower with 250 residences. Continental is currently a co-developer of 12 East 13th Street, a super-luxury condominium of 8 residences in the heart of Greenwich Village.
About J.P. Morgan Asset Management – Global Real Assets: J.P. Morgan Asset Management – Global Real Assets has more than $86 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of June 30, 2015. With a 45-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. The Global Real Assets team is part of J.P. Morgan Asset Management's Alternatives Investments business, which collectively manages over $120 billion in client assets across real assets, hedge funds, credit and private equity. For more information: jpmorgan.com/institutional/global_real_assets.
