THE ASSET
- The Continental Portfolio consisted of thirteen buildings located throughout the four Bronx neighborhoods of Concourse, Mount Hope/Mount Eden, University Heights and Wakefield. Made up of four elevatored and nine walk-up buildings, the portfolio has a combined square footage of 553,000 square feet and contains 612 units in total.
- Ownership assembled the portfolio in 2007 for $56,724,001 and made significant improvements to the asset, including upgrading the heating systems in each building. At the time of sale, the buildings were operating at approximately $16 per square foot. The owner had received offers in the low $80 million range prior to hiring Ariel Property Advisors, but all parties felt a marketing process could generate the best possible results.
CHALLENGE
- A transaction of this size and complexity requires flawless execution from due diligence through closing. Our first step was assembling a team comprised of senior multifamily sales experts and investment sales professionals that geographically specialize in Bronx commercial real estate sales. Our graphics and support teams created high quality marketing materials and an online due diligence portal that were designed to streamline the due diligence process and quickly obtain feedback from buyers.
- We created a competitive bidding environment by implementing a strategic marketing campaign that relied on both direct and mass marketing techniques. First our sales team identified and solicited interest from the most likely New York City and Bronx multifamily buyers. We then built on our initial momentum by reaching thousands of contacts via mass-email, direct mail and a press release that was covered by Crain’s New York and The Real Deal.
