More Apartment Deals in the Bronx

Apartment investors in the Bronx had a very busy month in July. The Bronx is the only submarket in New York City where investors spent more to buy apartment properties in July than they had the year before, according to a new report from Ariel Property Advisors.

For the month, the borough saw 12 transactions, consisting of 34 buildings, totaling $143.8 million. That’s twice as many individual deals as closed the month before. The dollar volume is also up 15% from the month before.

An eight-building portfolio, with a mix of walk-up and elevator buildings, was the largest transaction of the month. Paradise Management sold the 232-unit portfolio for $34.7 million, which translates to $158 per square foot and nearly $150,000 per unit.

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