Successful Sale of the Hudson Portfolio in University Heights, Bronx
Bob Knakal successfully arranged the sale of the Hudson Portfolio, located at 2254 Cedar Avenue and 2269 Hampden Place in the University Heights neighborhood of the Bronx. The portfolio, consisting of mixed-use and multifamily walk-up buildings, closed on July 2, 2009 for a total of $9,200,000.
With 125 units across 112,053 square feet, the properties presented a compelling investment opportunity in a submarket known for steady rental demand and proximity to key educational and commercial hubs.
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Sale Details
The Hudson Portfolio transaction underscores the appetite for multifamily walk-up buildings in University Heights.
- Sale Price: $9,200,000
- Price per SF/BSF: $82.10
- Buyer: Hampden Realty, Ignacious Castillo
- Seller: Rich Ortiz, David Loo, Hudson Realty Capital
- Seller Type: Institution
- Property Type: Mixed-Use, Multifamily – Walk-Up, Portfolio
- Sale Date: July 2, 2009
Highlights of the Transaction:
- Two walk-up buildings located at 2254 Cedar Avenue and 2269 Hampden Place.
- Total of 125 units with a combined 112,053 square feet.
- Attractive price per square foot for investors seeking long-term growth.
- Situated in University Heights, a Bronx neighborhood with consistent rental demand.
Property Details
The Hudson Portfolio consists of two adjacent walk-up buildings:
- 2254 Cedar Avenue
- 2269 Hampden Place
Located near the Harlem River waterfront and within walking distance to major subway and bus lines, the properties are positioned in one of the Bronx’s most commuter-friendly submarkets.
Investment Highlights:
- Total Units: 125 apartments
- Total Square Footage: 112,053 SF
- Property Type: Mixed-use and multifamily walk-up portfolio
- Stories: Walk-up construction across multiple levels
- Location Advantage: Strong transit access and rental base in University Heights
Market Strategy and Positioning
The University Heights multifamily market has long been attractive to investors seeking stable returns. In 2009, despite economic headwinds, demand for affordable rental housing in the Bronx remained strong. The Hudson Portfolio fit squarely into this trend, offering scale, cash flow potential, and proximity to Manhattan via major transit connections.
By marketing the properties’ size and tenant stability, the sale positioned the Hudson Portfolio as a strategic investment opportunity for long-term growth.
Neighborhood Overview
University Heights is a vibrant Bronx neighborhood known for its mix of residential, educational, and commercial activity. With close access to Fordham University, the Harlem River, and a variety of retail corridors, it remains a sought-after area for both renters and investors.
Neighborhood Highlights:
- Educational Hub: Home to Bronx Community College and near Fordham University, fueling consistent rental demand.
- Transit Access: Served by multiple subway lines and Metro-North, making it highly commuter-friendly.
- Retail & Amenities: Surrounded by shopping corridors, local businesses, and everyday conveniences.
- Cultural Appeal: The neighborhood’s mix of historic architecture and evolving commercial landscape creates long-term investment value.
Conclusion
The sale of the Hudson Portfolio at 2254 Cedar Avenue and 2269 Hampden Place for $9.2M highlights the enduring strength of University Heights as an investment destination. With 125 units across 112,053 square feet, the properties provided scale, stable income potential, and a strategic location.
This transaction underscores the expertise and market knowledge that facilitated a successful outcome, ensuring maximum value for the sellers while positioning the buyer for long-term success in the Bronx multifamily market.
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Frequently Asked Questions
Q1: What type of properties make up the Hudson Portfolio?
The Hudson Portfolio consists of two walk-up mixed-use and multifamily buildings located at 2254 Cedar Avenue and 2269 Hampden Place in University Heights, Bronx.
Q2: How many units are included in the portfolio?
The portfolio features a total of 125 residential units spread across 112,053 square feet of rentable space.
Q3: What was the sale price of the Hudson Portfolio?
The Hudson Portfolio sold for $9,200,000, equating to approximately $82.10 per square foot.
Q4: Why is University Heights an attractive investment location?
University Heights offers a strong rental base due to its proximity to Bronx Community College, Fordham University, and robust transit connections, ensuring consistent demand for apartments.
Q5: When did the transaction close?
The sale officially closed on July 2, 2009.
Q6: What makes this portfolio a strong investment?
The combination of scale (125 units), affordability, strong rental demand, and location in a commuter-friendly Bronx neighborhood made the Hudson Portfolio an appealing long-term investment.
