Rhodium Capital Advisors has picked up a 13 building multifamily portfolio in Upper Manhattan for $98 million, or $394 per square foot. Spanning a total of 248,700 square feet, the properties are located throughout Harlem and Washington Heights, and include 361 rental apartments along with 17 retail stores. Eight of deals have closed while the remaining five buildings are slated to be completed in the next couple months. Rhodium plans to invest $12 million in additional capital to improve the buildings, which consist of mostly two- and three-bedroom units. The transaction was brokered GFI Realty Services.
“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.
