HFF Closes $147 Million Sale of 504-Unit Multi-Housing Community in Nanuet, New York
September 06 2016 - 4:21PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
closed the $147 million sale of eaves Nanuet, a 504-unit
multi-housing community in Nanuet, New York.
HFF marketed the property exclusively on behalf of the seller,
AvalonBay Communities, Inc. A joint venture between Harbor Group
International, LLC and Azure Partners LLC purchased the asset free
and clear of existing debt. This transaction represents one of the
largest apartment sales to have occurred in Rockland County, New
York.
eaves Nanuet is situated on 54 acres at 100 Avalon Gardens Drive
in the Rockland County community of Nanuet. The transit-oriented
property is located near Interstate 287’s intersection with the
Garden State Parkway and Palisades Interstate Parkway and Nanuet’s
Metro North train station and park and ride lot, providing access
to the George Washington Bridge and Midtown and Lower Manhattan.
The 97-percent-leased community has 64 buildings totaling 504
homes, with a diverse mix of one-, two- and three-bedroom
apartments averaging 1,208 square feet in size. Apartments feature
loft spaces, gas fireplaces, closet and attic storage, in-unit
washers and dryers, direct-access personal garages and
patios/balconies. Community amenities include an outdoor swimming
pool with sun deck, two tennis courts, grilling areas, two
playgrounds, clubhouse, fitness center, yoga room, indoor
basketball and racquetball courts and a resident lounge with
fireplace and business center.
The HFF investment sales team representing the seller was led by
senior managing director Jose Cruz, managing director Kevin
O’Hearn, directors Michael Oliver and Stephen Simonelli and
associate director Robert Borny.
“Demand for well-located, value-add multi-housing continues to
be very strong – especially in high-income submarkets like Nanuet,”
said Cruz. “This property is one of the largest in the county and
provides investors with significant upside.”
About AvalonBay Communities,
Inc.
AvalonBay Communities, Inc. is an equity REIT in the business of
developing, redeveloping, acquiring and managing apartment
communities in leading metropolitan areas in New England, the New
York/New Jersey Metro area, the Mid-Atlantic, the Pacific
Northwest, and the Northern and Southern California regions of the
United States. As of June 30, 2016, the company owned or held a
direct or indirect ownership interest in 283 apartment communities
containing 82,984 apartment homes in 10 states and the District of
Columbia, of which 23 communities were under construction and seven
communities were under reconstruction. More information may be
found on the company’s website at www.avalonbay.com.
About Harbor Group International,
LLC
Harbor Group International, LLC (HGI) is a private real estate
investment and management firm, which controls a portfolio of
worldwide assets valued at approximately $4.5 billion. HGI is
headquartered in Norfolk, Virginia with offices in New York and Tel
Aviv. The company’s real estate holdings include approximately 5.1
million square feet of commercial properties and approximately
23,000 apartment units. For additional information, please visit
www.harborgroupint.com.
About Azure Partners LLC
Azure Partners LLC (Azure) is a real estate private equity firm
based in New York City focused on the opportunistic acquisition and
management of real estate assets within high-growth markets in the
United States. Since its founding in 2010, Azure has acquired in
excess of $800 million of real estate in the multifamily and retail
sectors.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE:
HF). HFF operates out of 23 offices nationwide and is a leading
provider of commercial real estate and capital markets services to
the U.S. commercial real estate industry. HFF together with its
affiliate HFFS offer clients a fully integrated national capital
markets platform including debt placement, investment sales, equity
placement, advisory services, loan sales and commercial loan
servicing. For more information please visit hfflp.com or follow
HFF on Twitter @HFF.
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version on businesswire.com: http://www.businesswire.com/news/home/20160906006492/en/
HFFJOSE CRUZ, (973) 549-2000HFF Senior Managing
Directorjcruz@hfflp.comorOLIVIA HENNESSEY, (713) 852-3500HFF
PR Coordinator, Marketingohennessey@hfflp.com
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