Multifamily Portfolio In Bronx Sells For $38.5 Million With Amit Doshi & Shallini Mehra

This multifamily asset portfolio, located in the Bronx, consists of five buildings with a total of 655,050 square feet, containing 644 apartments and 7 commercial units. The transaction was completed at a sale price of $38,500,000, reflecting a price per square foot of $58, with a notable cap rate of 9.4% and a gross rent multiplier of 3.4x.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $38,500,000
• Square Footage: 655,050
• Address: North/Mid-Bronx Portfolio (Multiple Properties)
• Market: Bronx
• CAP Rate: 9.4%
• GRM: 3.4x

Amit Doshi and Shallini Mehra from Meridian Capital Group represented the seller in this transaction. The portfolio sold at a significant discount of 60% from its previous pre-HSTPA purchase price exceeding $100 million, highlighting its substantial upside potential due to over $1,000,000 in preferential rent.