The Real Deal New York

Prana Investments purchases Bronx portfolio for $65M

There are 361 apartments spread across 8 buildings
By Eddie Small | October 04, 2018 11:00AM

From left: 711 East 231st Street in Wakefield, 219 Echo Place in Mount Hope, and 1236 Grand Concourse in Claremont (Credit: Apartments)

Prana Investments has purchased a portfolio of eight Bronx multifamily buildings for about $65 million from the Morgan Group, according to property records and sources familiar with the deal.

The buildings are located throughout the borough at 1562 and 1580 Thieriot Avenue in Van Nest, 3115 Sedgwick Avenue in Bedford Park, 1236 Grand Concourse in Claremont, 219 Echo Place in Mount Hope, 711 East 231st Street in Wakefield, 3050 Perry Avenue in Norwood and 2511 Frisby Avenue in Parkchester. Aaron Jungreis of Rosewood Realty Group brokered the deal.

The buildings contain a total of 361 residential units across roughly 330,000 square feet. Prana plans to maintain and improve the properties, operating them as long term investments.

The Sedgwick Avenue building has the most residential units at 57, while the Frisby Avenue building is the tallest at seven stories. The building at 1562 Thieriot Avenue is the largest overall at 56,250 square feet.

The Real Deal previously reported that Prana had purchased 1562 and 1580 Thieriot Avenue and 3115 Sedgwick Avenue from the Morgan Group for $28.4 million.

Prana, a San Francisco-based company, has made multiple purchases in the Bronx throughout this year. These include a 54-unit building in Tremont at 2150 Creston Avenue for $12.9 million, a 59-unit building in Concourse at 114 East 168th Street for slightly less than $12 million and a pair of apartment buildings in Fordham for $16.7 million.