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Related makes biggest Bronx portfolio deal of the year

Firm acquires 737-unit package in partnership with NYC pension funds for $113 million

Stephen-Ross

 

Related Companies, in partnership with New York City pension funds, is ramping up its multifamily moves, with the $112.5 million purchase of a 20-building Bronx portfolio – the largest package to change hands in the borough this year, sources told The Real Deal.

The portfolio contains 737 apartments spread throughout the North, West and South Bronx. In a statement, a spokesperson for Related confirmed the portfolio buy and said the firm’s Related Fund Management arm and the pension funds plan to preserve the units in a long-term hold as workforce housing.

The buildings are largely low-rise walkups with rent-stabilized units. They are in a mix of working-class and middle-class neighborhoods such as Soundview, Wakefield, High Bridge and Fordham. A group of private Brooklyn Heights-based investors known as Eastern Capital Partners acquired the properties in several transactions over the past five years, records show.

Read the full story at The Real Deal, by Mark Maurer

 

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