Wavecrest Acquires Bronx Belmont-Venezia Apartments for $28M

Wavecrest Equities recently acquired a portfolio of five buildings in the Little Italy neighborhood of the Bronx for $28 million. The Belmont-Venezia Apartments include 180 apartments and two commercial spaces across 160,537 square feet. Wavecrest assumed two existing loans on the properties totaling $20 million, facilitated by Rosewood Realty Group’s Ben Khakshoor and Alex Fuchs who represented both buyer and seller. The sale was completed at a cap rate of 5.85 percent with a price per square foot of $174 and price per unit at $156,000.