AvalonBay Communities Offloads New Rochelle Apartment Tower for $210M
Gus Delaporte Nov. 14, 2013, 12:15 p.m.
AvalonBay Communities has closed on the sale of Avalon on the Sound East, a 588-unit, 39-story, multi-housing tower in New Rochelle, to the DSF Group for $210 million, The Commercial Observer has learned.
The sale, approximately $357,000 per unit, is the largest recorded multi-housing sale in Westchester County, according to representatives of the seller.
“It is one of the most prominent assets in Westchester County,” said Jose Cruz, senior managing director at HFF, who represented AvalonBay. “It’s very visible right on I-95 when you’re coming up through Westchester, it’s a great quality asset.”
The New Rochelle buy is the DSF Group’s second investment in Westchester County in the past year. In June, the real estate investment firm acquired the Halstead, a 124-unit apartment building in White Plains, for $34 million.
“DSF has been expanding their presence in Westchester, Mr. Cruz said. “They like that market and saw an opportunity to put some money to work.”
Avalon on the Sound East is located at 40 Memorial Highway and is one block away from New Rochelle’s Metro-North Railroad station. Completed in 2007, the building includes one-, two- and three-bedroom units, which average 956 square feet each. The property also boasts 7,607 square feet of ground-floor retail space, a fitness center, outdoor pool, rooftop lounge and garage parking.
Mr. Cruz represented the seller alongside Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver.
The DSF Group did not immediately return requests seeking comment.