Trion Holdings has sold two four-story walk-ups at 55 Sheridan Ave. in Mount Vernon for $9.7 million.
The deal marked one of the highest prices in the local multifamily property market in recent years, the Yonkers-based company said in a news release. At 70,000 gross square feet and 66 units, the deal works out to $138.57 per square foot and $146,970 per unit.
The deed transferred in April from ACF Realty Corp. to Sheridan Gardens LLC. The relationship between the two entities is not explained in the press release.
ACF’s address is the same as Trion’s and the transfer was signed by Filippo Milio. Sheridan’s address, 103 Ashburton Ave., Yonkers, is the same as that of Milio Management LLC, and the mortgage lists Antonino C. Milio and Carmela Milio as managing members.
Trion’s president, Carmelo Milio, said in the news release that the property was “management intensive” but stabilized after the company implemented strict collection policies. It achieved a 21.2 percent internal rate of return over the 13 years that Trion owned the property.
The property generated annual gross revenue of more than $1 million and net operating income of $567,171, according to a spec sheet published last year by Cushman & Wakefield.
Trion specializes in buying undervalued multifamily properties in the tristate area. It has bought, sold or managed more than $250 million in assets over the past 30 years, according to its website. The company changed its name in 2014 from Milio Realty Corp.