Wavecrest Buys Bronx Belmont-Venezia Apartments for $28M
Wavecrest Equities has acquired a portfolio of five buildings in the Little Italy neighborhood of the Bronx for $28 million.
The portfolio, known as the Belmont-Venezia Apartments, comprises a total of 180 apartments and two commercial spaces spread across the buildings located at 2404-2416 Crotona Avenue, 2476 Hughes Avenue, and 2431 Belmont Avenue. The project-based Section 8 portfolio spans a combined area of 160,537 square feet.
Wavecrest Equities assumed two existing loans on the properties, totaling $20 million. The transaction was facilitated by Rosewood Realty Group’s Ben Khakshoor and Alex Fuchs, who represented both Wavecrest Equities and the undisclosed seller.
The sale was completed at a cap rate of 5.85 percent, with a price per square foot of $174 and a price per unit of $156,000.
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