Prana Investments purchases Bronx portfolio for $65M

There are 361 apartments spread across 8 buildings

TRD New York /
Oct.October 04, 2018 11:00 AM

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.

Related Articles

1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat