Cignature in The News – "Prana buys Harlem apartment portfolio for $14M"
California investment firm Prana Investments has acquired a five-building Harlem apartment portfolio for $13.75 million.
Cignature Realty recently brokered the sale of the portfolio that includes one six-story multifamily elevator building, one six-story multifamily apartment building, two five-story multifamily apartment buildings and one five-story mixed-use apartment building with a total of 105 apartments and two retail stores.
The buildings, 55 West 129th Street, 216 and 224 West 141st Street, 144 West 144th Street and 2570 Adam Clayton Powell Jr. Boulevard, are located between West 129th and West 149th Streets on or close to 2570 Adam Clayton Powell Jr. Boulevard in Central Harlem.
The 93,753 s/f portfolio sold for approximately $147 psf. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller, Izzy Kirzner’s Sharp Management.
Prana, a company that primarily invests in West Coast rent regulated multifamily properties, has been bulking up its East Coast portfolio following its acquisition last year of the Related Companies’ 252-unit apartment complex River Court and Gerard Court at 1065-1075 Gerard Avenue in the Bronx. Related Companies sold the low-income housing development for $36 million.
Last July, Pembrook Capital Management announced a $50 million a preferred equity investment in Prana Investments to fund the acquisition of additional workforce housing in both Los Angeles and New York City.
In March, 2020, Prana acquired 1166 Gerard Avenue in the Bronx, also from Kirzner, for $5,150,000. Peter Von Der Ahe and his team at Marcus & Millichap brokered this sale, which included 41 rent stabilized units across 35,070 s/f.
The Prana fund Pembrook invested in currently owns 39 residential rental properties totaling 1,241 units (1,159 residential) of which 17 properties (435 units) are located in Los Angeles and 22 properties (806 units) are located in New York City.
Original article can be found at Real Estate Weekly Online.