The Real Deal New York

Asden-led investor group bought $90M Bronx portfolio

Continental, JPMorgan sold 13 buildings with 612 rental units

November 17, 2015 06:00PM
By E.B. Solomont

1711 Morris Avenue

1711 Morris Avenue in the Bronx

A group of an investors led by Asden Properties are the mystery buyers that scooped up a $90 million Bronx portfolio last month, in one of the borough’s biggest multifamily deals this year.

The portfolio, comprised of 13 buildings holding 612 rental units, hit the market this spring.

The sellers, JP Morgan Chase and Continental Properties, owned the buildings since 2007, when they paid $56.7 million. Ariel Property Advisors had the listing.

“They believe the Bronx is well positioned for continued growth and will add value by strategically investing capital into the buildings,” said Ariel’s Victor Sozio.

The properties are located in the Mount Hope, University Heights, Concourse and Wakefield neighborhoods of the Bronx.

Of the buildings, the priciest one was 1711 Morris Avenue, an 89-unit rental just off the Grand Concourse. Asden, a Jackson, N.J.-based investment firm, paid $15.375 million for the property, which last sold for $10 million in 2007. The Wall Street Journal first reported on the portfolio sale earlier this month, but the buyer was not disclosed.

The steep price appreciation comes as investors are pouring money into the Bronx. Last year, investors pumped $1.2 billion into Bronx real estate, a 26 percent jump from 2013, according to data from Bronx Borough President Ruben Diaz Jr.’s office.

Asden wasn’t immediately available for comment.

The firm, led by Eli Bleeman and Greg Miscio, owns several other properties in the Bronx, including 1777 Grand Concourse, a 170-unit property it acquired for $25.6 million in April.