Related Shopping 1,000-Unit Bronx Portfolio
Related is looking to sell 16 buildings with 925 rent-stabilized units in the Bronx for a reported $200M.
The buildings include nine properties along Carpenter Avenue and Bronx Boulevard in Wakefield, and seven others spread across University Heights, Kingsbridge and Concourse, The Real Deal reports.
The portfolio is part of the collection bought from Stanley Wasserman’s S.W. Management in 2014 and from Eastern Capital Partners for $112.5M in 2015, according to TRD.
The firm still owns around 3,000 units in the borough. The Bronx has become increasingly popular with institutional investors, with Brookfield reportedly spending $165M on a massive mixed-used project there.
Last year, Jamestown bought a 10-story office building at 260 East 161st St. from Acadia Realty Trust.
However, while Related is looking to shrink its affordable housing holdings in the Bronx, it is actively expanding in other parts of the country. Last week, it announced it will pay Aimco $590M for its Asset Management Portfolio.