Ariel Property Advisors Arrange $85.5M Sale of Bronx Multifamily Portfolio

NEW YORK CITY — Ariel Property Advisors has arranged the sale of the Morrisania multifamily portfolio, a 17-building portfolio located in the Morrisania section of the Bronx. The 676-unit portfolio, which includes one vacant lot, sold for $85.5 million. The 17 buildings total 674,565 gross square feet and are clustered in an area between 165th and 169th streets and Sheridan and Clay avenues. Shimon Shkury, Victor Sozio, Michael Tortorici, Scot Hirschfield and Jason Gold of Ariel Advisors represented the seller, a developer and multifamily operator, and procured the buyer, an affordable housing operator, in the transaction. The new ownership plans to maintain the affordability of the portfolio, which consists of Project Based Section 8 buildings operating under HAP agreements.