San Francisco-based Prana Growth Fund, operated by Kurt McCracken, Richard Esposito and Peter Larsen, has bought two multifamily properties in the Fleetwood-Concourse Village section of the South Bronx for $6 million, according to the brokers for the seller. The two properties, at 1115 College Avenue and 1249 Webster Avenue, have 53 units.
“The seller took two buildings saddled with violations, made significant capital improvements, and transformed them into well-managed, high performing properties that are in excellent condition,” said Scot Hirschfield, a vice president of Ariel Property Advisors, in prepared remarks. ”In addition, the buildings have tremendous room for rent growth.”
Mr. Hirschfield and his Ariel colleagues Jason M. Gold, Victor Sozio and Shimon Shkury represented the seller, Cornell Pace, a real estate management firm, in the deal. Amit Doshi of the Besen Group represented Prana. He didn’t immediately respond to a request for comment.
The renovated six-story, elevator building at 1115 College Avenue is comprised of 44 apartments, of which 31 are one-bedroom units, 11 are two-bedroom units, one is a three-bedroom unit and one is a studio. The five-story, walk-up at 1249 Webster Avenue has eight, two-bedroom apartments, and one, one-bedroom apartment. This building underwent a complete gut renovation in the past decade.
Both properties benefit from a J-51 tax exemption and abatement.