BRONX AFFORDABLE HOUSING PORTFOLIO TRADES FOR $107.5 MILLION

NEW YORK CITY – December 20, 2022 – An affordable housing portfolio consisting of four multifamily projects with 477 units and an approximately 525,000-square-foot development site located in the Morrisania, High Bridge, and Belmont neighborhoods of the Bronx has traded for $107,500,000, according to Ariel Property Advisors, which represented the seller. The multifamily projects span a total of 551,320 gross square feet and all units in the portfolio are subsidized under HUD’s Project-Based Section 8 program.

An Ariel team led by Founding Partner Victor Sozio, along with President and Founder Shimon Shkury and Investment Sales Directors Jason Gold and Daniel Mahfar and Associate Director Evan Hirsch arranged the transaction. The buyer was a joint venture between Systima Capital Management, Gilbane Development Company, ELH Mgmt. LLC, and TerreAlto.