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.
- ◦Sale/Acquisition