Wavecrest Equities Acquires Multifamily Property in Belmont, Bronx for $28 Million
Wavecrest Equities purchases a 180-unit multifamily property in Belmont, Bronx for $28 million.
In a significant transaction in the Bronx real estate market, Wavecrest Equities has acquired a 180-unit multifamily property in Belmont for a total of 28 million. The property, located at 2404-2416 Crotona Avenue, 2431 Belmont Avenue, and 2476 Hughes Avenue, spans a total of 160,537 square feet and was sold at an average price per square foot of 174. The deal was facilitated by Aaron Jungreis, Ben Khakshoor, and Alex Fuchs of Rosewood Realty Group.
Belmont, a neighborhood in the Bronx, has been attracting attention from investors due to its strong rental market and proximity to Manhattan. The area offers a mix of residential and commercial properties, making it an attractive investment opportunity.
Wavecrest Equities, a prominent real estate investment firm, has been actively expanding its portfolio in the New York City market. With this acquisition, the company adds another multifamily property to its growing portfolio.
The 180-unit property offers a mix of studio, one-bedroom, and two-bedroom apartments, catering to a diverse range of tenants. The average price per unit for the transaction stands at $155,556. The property is well-maintained and features amenities such as on-site laundry facilities, a fitness center, and a communal courtyard.
The seller of the property has not been disclosed, but the transaction represents a successful exit for the previous owner. The sale price of $28 million reflects the strong demand for multifamily properties in the Bronx.
Aaron Jungreis, Ben Khakshoor, and Alex Fuchs of Rosewood Realty Group played a crucial role in facilitating the transaction. With their extensive knowledge of the Bronx market and strong network of buyers and sellers, they were able to connect Wavecrest Equities with this investment opportunity.
The acquisition of this multifamily property in Belmont aligns with Wavecrest Equities’ investment strategy of acquiring well-performing assets in prime locations. The company has a track record of successful investments in the New York City market and is well-positioned to capitalize on the strong demand for rental properties.
Overall, this deal highlights the continued interest in the Bronx real estate market and the attractiveness of multifamily properties as investment assets. With its strategic location and strong rental market, Belmont remains an appealing destination for investors looking to expand their portfolios in the New York City area.