Praedium Group Sells The Unionport Bronx Portfolio, Comprising Elevator & Walk-Up Multifamily Buildings, for $23.75M

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Successful Sale of the Unionport Bronx Portfolio

‍Bob Knakal and his team successfully closed the sale of the Unionport Bronx Portfolio, a multifamily portfolio in the Bronxdale neighborhood, for $23,750,000.

The seller, Praedium Group (led by Jeffrey Hertz), owned a four-building, 337-unit portfolio, consisting of both elevator and walk-up buildings. The portfolio attracted a strong buyer, Uport LLC, whose interest in the assets was solidified by the competitive pricing and prime location.

Walk-Up Building Sales - For the complete list click here Walk Up Buildings

Sale Details

‍The transaction was finalized on January 17, 2007, with a total sale price of $23.75 million. Bob’s guidance throughout the process played a key role in achieving the seller’s objectives, securing a competitive offer that met the seller's expectations.

The sale also benefitted from Bob's deep market knowledge and established relationships with key players in the multifamily investment space.

Sale Price: $23,750,000
Seller: Praedium Group, Jeffrey Hertz
Buyer: Uport LLC
Property Type: Multifamily – Elevator, Multifamily – Walk-Up, Portfolio
Sale Date: January 17, 2007
Neighborhood: Bronxdale, Bronx, NY
Building Addresses: 1944 Unionport Road (elevator), 1954 Unionport Road (elevator), 1980 Unionport Road (walk-up), 733 Arnow Avenue (walk-up)
Units: 337
Total Square Footage (SF): 256,000
Price per SF: $92.77

Property Details

‍The Unionport Bronx Portfolio is composed of four multifamily buildings located in Bronxdale, a neighborhood in the Bronx known for its strong residential demand.

The buildings include both elevator and walk-up units, providing a diverse mix of assets for Uport LLC. This portfolio offered 337 units across a total of 256,000 square feet, making it a highly desirable acquisition.

The portfolio's competitive pricing and prime location allowed Bob Knakal to secure the optimal price for the seller.

Neighborhood Overview

‍Bronxdale is a vibrant neighborhood in the Bronx with a diverse residential market and growing investment potential. Notable characteristics include:

Proximity to major transportation hubs and highways
Strong demand for multifamily properties
A mix of residential, retail, and community amenities
Easy access to parks and recreational spaces

Conclusion

‍The sale of the Unionport Bronx Portfolio for $23.75 million is a testament to Bob Knakal's strategic approach and market expertise. His deep understanding of the multifamily market in the Bronx, combined with his relationship-building skills, ensured the seller, Praedium Group, achieved a successful outcome in a competitive market. By leveraging his network and providing valuable market insights, Bob was able to deliver a deal that exceeded expectations.

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