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New York & Tri-State  + Uptown/Bronx  + Apartments  | 
Ariel Property Advisors arranged the $107.5-million sale of a four-property Bronx apartment portfolio

JV Acquires Section 8 Portfolio in the Bronx for $108M

A four-property, 477-unit affordable housing portfolio located in the Bronx’s Morrisania, High Bridge, and Belmont neighborhoods traded for $107,500,000, according to Ariel Property Advisors, which represented the seller. The sale also included a 525,000-square-foot development sale. 

An Ariel team led by Victor Sozio, along with Shimon Shkury, Jason Gold, Daniel Mahfar and Evan Hirsch, arranged the transaction. The buyer was a joint venture between Systima Capital Management, Gilbane Development Company, ELH Mgmt. LLC and TerreAlto. All units in the portfolio are subsidized under HUD’s Project-Based Section 8 program. 

“The nature of the offering required us to work with a qualified purchasing group that not only understood the nuances of federally and locally subsidized affordable housing, but who also knew how to navigate the various challenges relating to the market and working with the governing agencies,” said Sozio. “The sale of this portfolio underscores the continued strong demand for affordable multifamily properties throughout the borough.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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