Related Fund Sells Soundview Multifamily In Bronx For $13M

The property involved in the transaction is a multifamily asset located at 1050 Wheeler Avenue & 1085 Colgate Avenue in Soundview, Bronx. The sale took place on July 9, 2020. The property consists of 84 units, with a total square footage of 90,000. It was sold for $13,000,000, resulting in a price per square foot of $144 and a price per unit of $154,761. The capitalization rate for the transaction was 5.5%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $13,000,000
• Address: 1050 Wheeler Avenue & 1085 Colgate Avenue, Soundview, Bronx
• Date: 07/09/2020
• Market: Soundview, Bronx
• Units: 84
• Square Footage: 90,000
• Price per Square Foot: $144
• Price per Unit: $154,761
• Capitalization Rate: 5.5%

The seller of the property was Related Fund, represented by Daniel Parker, Paul Gillen, Anthony Ledesma, Kyle van Buitenen, and Allie Boyan from Hodges Ward Elliott.