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Wexcor Capital Buys Washington Heights Apartment for $6M
Wexcor Capital, a real estate investment firm based in Great Neck, Long Island, completed the acquisition of two attached multifamily buildings from Barberry Rose Management in Washington Heights for $5.8 million.
The buildings, located at 565-567 and 571-573 West 175th Street, comprise a pair of contiguous walk-up structures spanning six stories. Together, they house 61 fully rent-stabilized apartments, boasting a total of 48,288 square feet.
Constructed in 1914, these buildings fetched a cap rate of 9% and a Gross Rent Multiplier (GRM) of 5.7. The sale also translated to $95,082 per unit and $120 per square foot. The transaction was facilitated by Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor, and Alex Fuchs, who represented both Wexcor and Barberry Rose Management in the deal.
- ◦Sale/Acquisition
