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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.

“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 Mr. Sozio. “The sale of this portfolio underscores the continued strong demand for affordable multifamily properties throughout the borough.”

The portfolio offers access to multiple mass transit options in addition to numerous commercial and retail spaces nearby, such as the Parkview Apartments location one block off the bustling East 187th Street corridor and close to the Bronx Zoo.

About Ariel Property Advisors Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.

About Systima Capital Management

Systima Capital is an alternative investment manager focused on public purpose real estate markets nationwide, with an emphasis on affordable multifamily housing. Systima has raised institutional capital in the U.S. and overseas to provide the full suite of capital products for leading affordable housing sponsors, including joint venture equity, preferred equity, mezzanine debt, bridge loans and new construction to permanent debt. Systima has specialized knowledge and investment experience in the complex public finance, tax-advantaged and governmental subsidy programs essential to deliver high quality affordable housing and improve communities nationwide.

About Gilbane Development Company

Gilbane Development Company is the real estate development, financing, and ownership arm of Gilbane, Inc., a family-owned company founded in 1870. With over $8 billion in development and more than 20,000 units of housing completed/underway, Gilbane Development Company’s projects incorporate every aspect of real estate including: multifamily housing (market rate apartments, student housing, and affordable housing); single-family residential communities; mixed-used developments; healthcare facilities; K-12 schools; government facilities; garage/parking areas; corporate headquarters; and, many types of facilities delivered through public-private partnerships. To learn more, visit

About ELH Mgmt. LLC

For more than 25 years, New York City-based ELH Mgmt. LLC has been committed to the long-term success of community development. An award-winning developer, owner, and manager, ELH has deep expertise in affordable housing, mixed-use properties, historic preservation, sustainable development, and new construction.

About Terrealto

TerreAlto is a privately owned investment firm focused on the acquisition, preservation, and development of affordable housing across the New York metro area. TerreAlto seeks to provide permanent high-quality affordable housing throughout greater New York City.

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