Harbor Group-Led JV Buys NY High-Rise for $260M
HFF marketed the 40-story luxury tower in Westchester County exclusively on behalf of the seller, Boston-based DSF Group.
The DSF Group has sold Halstead New Rochelle, a 588-unit Class A tower in New Rochelle, N.Y., in a $259.4 million transaction negotiated by HFF.
The HFF investment advisory team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and JB Bruno, along with Andrew Scandalio. The team also procured the buyers, a joint venture between Harbor Group International and Azure Partners.
Rising 40 stories above ground, Halstead New Rochelle Metro North is the tallest apartment tower in Westchester County, offering views of the Long Island sound and Manhattan skyline. Completed in 2007, the property has a mix of studio, two- and three-bedroom units ranging between 427 and 1,525 square feet square feet. According to Yardi Matrix, the property is currently 94.6 percent occupied, with monthly rents varying between $1,710 for a studio and $3,471 for a three-bedroom unit.
Amenity renovation program
DSF acquired the property in November 2013 and implemented an amenity renovation program that included the delivery of a 40th floor sports club, including cardio machines, free weights, weight machines, yoga studio spin room and lounge. Among the other amenities are a swimming pool, resident lounge, landscaped courtyard, coffee bar, dog park, conference room, business center, billiards room and approximately 6,000 square feet of ground floor retail space. The property is located along Huguenot Street adjacent to the New Rochelle Metro North train station and is within walking distance to many New Rochelle retail and dining venues.
“This asset’s visibility and location in the market helped drive demand from all buyer types, including domestic and offshore equity groups,” said HFF advisor team member Jose Cruz in prepared remarks. “Also, the ability to add value by renovating the units was a key driver for the investor pool.”
Image courtesy of HFF