Updated Dec 4, 2024
InterVest Capital Partners Acquires Bronx Multifamily Portfolio For $65M
1114 Gerard Avenue
$65,000,000
$130/SF
Building Size
497,824 SF
Asset Type
MultiFamily
Closing
Jan 31, 2023
About this deal
AI
The multifamily property located at 1098-1114 Gerard Avenue, 1197 Grand Concourse, 1065 Jerome Avenue, 1534 Selwyn Avenue, 2543-2567 Decatur Avenue, 2608 Creston Avenue, and 2353-3257 Crotona Avenue in the Bronx has been sold. The transaction took place on January 31, 2023. The property spans a total of 497,824 square feet with an average price per square foot of $131. The deal was closed at a price of $65,000,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $65,000,000
- Square Footage: 497,824
- Price per Square Foot: $131
- Market: Bronx
The buyer of the property is InterVest Capital Partners, while the sellers are Taconic Partners and Clarion Partners. The brokers involved in the transaction were Adam Spies, Adam Doneger, and Eric Roth from Cushman & Wakefield.
Players
Bronx MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93