Related Sells $36M Bronx Apartment Complex
Prana Investments purchased the 252-unit multifamily complex in the Concourse section of the Bronx.
NEW YORK CITY—Related Companies has sold the River Court and Gerard Court, a 252-unit, affordable housing development at 1065-1075 Gerard Ave. in the Bronx. The buyer Prana Investments paid $36 million.
Hodges Ward Elliott’s Daniel Parker, Paul Gillen and Ariel Tambor represented the seller. The buyer did not retain outside brokers.
“There is a wave of New York Low Income Housing Tax Credit buildings nearing the end of their regulatory agreements that are very attractive to our investor pool,” says Parker. “Hodges Ward Elliott continues to generate investor interest in the Bronx and we are pleased to have completed this transaction on behalf of our client.”
The complex includes studio, one-bedroom and two-bedroom units. It was built in 1999 using the Low Income Housing Tax Credit program. The properties have a 421a tax exemption and are subject to rent stabilization during the tax abatement. The South Bronx property in the Concourse area is close to public transit and several local attractions including Yankee Stadium.
Earlier this year, Hodges Ward Elliott sold a pair of multifamily buildings totaling 355 units in the Castle Hill neighborhood of the Bronx that was also owned by Related.
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