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Investors Favor the Bronx for Higher Returns
Investment properties remained in high demand across the Bronx for the first half of 2018, said Ariel Property Advisors. On a year-ago basis as well as the second half of 2017, property volume was up by 20% or better, although dollar volume and transaction volume both slipped by comparison.
Multifamily sales fared especially well in this year’s first six months. Compared to H2 2017, dollar volume increased 14% to $600.5 million, transaction volume was up 21% to 92 sales, and property volume rose 40% to 153 buildings.
“Demand continues to outpace supply in this asset class as multifamily pricing metrics experienced increases across-the-board,” said director Jason M. Gold.
Broadly speaking, the Bronx investment sales market benefited from a rising interest rate environment that prompted many investors to seek the higher returns available here. During H1 2018, the Bronx saw 157 transactions consisting of 275 properties, totaling approximately $951.75 million.
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- ◦Sale/Acquisition
- ◦Sale/Acquisition
