Global One Real Estate Fund Acquires 350-Unit Bronx Multifamily Complex

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Global One Real Estate Fund, an affiliate of Forest Hills-based Nelson Management Group, today announced the latest acquisition to its portfolio, a 357-unit multifamily complex, Evergreen Gardens, in the Soundview neighborhood of the Bronx. The acquisition of the two-building complex through its Global One Real Estate fund will be operated by Nelson Management Group, adding to the company’s growing portfolio of more than 4,000 residential units throughout New York City.

Located at 950 and 955 Evergreen Avenue, the 328,071-square-foot complex consists of 357 residential units with 253 on-site parking spaces. The elevator buildings also each contain on-site laundry facilities. Evergreen Gardens is situated near the neighboring Soundview Park, which boasts 205 acres of green space, views of Manhattan, as well as seasonal entertainment hosted by NYC Parks throughout the summer months.

Daniel Parker of Hodges Ward Elliott represented the seller.

“We’re delighted to acquire another well-located property in Soundview,” said Robert Nelson, President of Nelson Management Group. “Evergreen Gardens is an excellent Multifamily complex in a great neighborhood, and we’re looking forward to offering residents a high level of service and increased investment into the building.”

Financing was provided by The New York City Housing Development Corporation (HDC) in the amount of $23,630,000 for the rehabilitation and permanent financing, and The NY City Department of Housing Preservation and Development (HPD) will continue to act as the Supervisory Agency on behalf of the City of New York as it preserves The Mitchell Lama status under Article 2 of the New York State Private Housing Finance Law.

Evergreen Gardens is a short walk from the 6 subway line, which connects to Manhattan’s 125th Street Station in just 16 minutes and gets to Grand Central Station in just 21 minutes. The buildings are a half a block from the BX5 bus route and are a short bus ride to the Soundview Ferry stop. Nearby shopping includes the Brucker Commons shopping center, which has a Shoprite, KMart, Burlington Coat Factory, and more.

Nelson Management Group is known for implementing high-tech amenities and property management tools commonly seen in luxury buildings across its portfolio and advocates for the adoption of these technologies across its Workforce Housing portfolio. In 2020, Global One acquired two multifamily properties, The John Adams, a six-story multi-use residential building located at 105-05 69th Avenue in Forest Hills, and 25-98 36th Street, a six-story multifamily building in Astoria. The firm also successfully opened 1520 and 1530 Story Avenue Soundview in 2019, which features 435 affordable housing units, 18,000 square feet of community space, and is directly across the street from Evergreen Gardens.

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