Bronx Portfolio Buy A Sign Of Borough's Multifamily Strength
Pistilli Realty Group, a landlord with about 4,500 units around the five boroughs and the surrounding area, has added two buildings to its holdings in the Bronx for $14M.
The two six-story elevator buildings in the Fordham Manor neighborhood have 84 units between them in 97k SF.
The buildings, at 2695 Briggs Ave and 2710 Valentine Ave, are the most recent addition to a portfolio that now totals over 300 units. The firm picked up a five-building portfolio from Prana Investments in November for $41M.
Pistilli VP Mike Pistilli tells The Real Deal, “there’s a lot of juice in these deals,” and believes a rent bump from $1,100 per unit to $1,400 per unit is possible.
He said the previous owners “didn’t really care too much about maximizing the bottom line.” Capin & Associates’ Luca Capin repped the sellers in both the most recent two-building deal and the larger deal in November, according to The Real Deal.
Pistilli repped itself. While the Bronx is still a relatively affordable destination for renters, institutional investment in existing multifamily assets in the borough is picking up steam.
Related closed on a 20-building, 737-unit portfolio at the end of last year for $112.M and Harbor Group International and York Equities picked up a 935-unit portfolio for $140M last month. [TRD]