Rhodium Capital Advisors acquired a 13-building Upper Manhattan multifamily portfolio for $98 million, or $394 per square foot.
The properties, which hold 361 rental apartments and 17 retail stores, are scattered throughout Harlem and Washington Heights. Collectively, they span 248,700 square feet, according to GFI Realty Services, which brokered the transaction.
The seller was Tibeir GSA & Investment Trust, an Israel-based investment fund that bought each building separately in the mid-2000s.
“With a growing number of young professionals moving into Harlem and Washington Heights, Rhodium was eager to acquire and improve these properties,” said GFI’s Daniel Shragaei, who represented the buyer in the deal. GFI’s Roni Abudi represented the seller.
Rhodium plans to invest $12 million in additional capital to improve the buildings, which consist of mostly two- and three-bedroom units. The Midtown East-based firm will modernize the common area, kitchens and appliances, GFI said.
The sales of eight of the properties — 150 West 140th Street, 215 and 219 West 145th street, 200-210 West 145th Street, 2492 and 2494 Adam Clayton Powell Boulevard, 532 and 536 West 143rd Street and 608 West 191st Street — have closed. The remaining five building sales are slated to close later this quarter.
The portfolio purchase is just the latest in a string of recent transactions for Rhodium, which snapped up a portfolio of six Upper Manhattan buildings for $34.1 million from Israeli investors Arik Mor and Uriel Zichron late last year.
In another recent, large Upper Manhattan portfolio deal, Hillcrest Acquisitions paid $148.5 million to Galil Management for 21 buildings. A portion of that portfolio was flipped to investor Isaac Herskovitz for $55 million.