The Real Deal New York

Related, city pensions invest in 35-building Bronx portfolio

Properties includes rent-stabilized buildings, medical offices

March 05, 2014 01:15PM

West Bronx apartments

West Bronx apartments

The Related Companies, in partnership with city pension funds, has forked over $270 million for a Bronx rental building portfolio.

The 35-building portfolio, purchased from SW Management, consists of medical offices and more than 2,000 apartment units located on Valentine Avenue, University Avenue and Fulton Street in the West Bronx.

The first batch in the sale closed for around $90 million last week, according to the New York Post.

Newmark Grubb Knight Frank’s James Kuhn and Carol Ann Flint marketed the portfolio, which consists primarily of rent-stabilized buildings. The pair declined to comment to the Post about the sale, which is expected to close sometime in the next few months. [NYP, 2nd item]Julie Strickland

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