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.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.