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.
