NEW YORK CITY — CBRE has arranged the sale of a multifamily property located at 1654 Monroe Ave. in the Bronx. A private investment company sold the property to an undisclosed buyer for $7.7 million in a multi-faceted transaction. The six-story building features 50 apartment units. Fully occupied at the time of sale, the property recently underwent major renovations and rehabilitation as part of the New York City 8A program. Elli Klapper, Charles Berger and Jay Gelbtuch of the CBRE Tri-State Investment Properties team represented the seller in the transaction. The proceeds of the 1031 exchange sale were applied to the acquisition of two retail properties in Austin, Texas, and Wauchula, Fla.