Cammeby’s Buys $226M New York Community
The company landed a $168.7 million acquisition loan for the asset.
Cammeby’s International has acquired the 504-unit Alister Nanuet in Nanuet, N.Y., for $226 million. The company received $168.7 million in acquisition financing from Signature Bank, according to Yardi Matrix data. JLL brokered the sale on behalf of the seller, Mill Creek Residential Trust, and represented the borrower.
Built in 1995, the community offers one- to three-bedroom floorplans, ranging from 739 to 1,472 square feet. All units feature private patios or balconies, walk-in closets and washers and dryers. Community amenities include a renovated clubhouse, fitness center and dog park. Outdoor grilling, picnic areas and tennis courts are also available.
Located at 100 Avalon Gardens Drive, the property is less than a mile north of the intersection of Garden State Parkway, Interstate 287 and Palisades Interstate Parkway and its various shopping options. Mario Cuomo Bridge and the New Jersey border are 10 miles southeast of the community.
Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Michael Zlotnick formed the JLL Capital Markets team that represented Cammeby’s. The buyer moved from contract to closing in less than 30 days.
Active in the New York metro area, a Cammeby’s joint venture recently purchased a $1 billion portfolio totaling 5,302 units in New Jersey.