Heitman Sells New York Community for $195M

This 502-unit property came online in 2005.

Heitman has sold 15 Bank, a 502-unit multifamily community in White Plains, N.Y., with the assistance of CBRE. Waterton paid $195 million for the asset, as reported by the Westfair Business Journal.

The property previously traded in 2017, when Heitman acquired it from the County of Westchester Industrial Development Agency, according to Yardi Matrix data. That transaction involved a $96.4 million, 10-year loan from Empower Annuity Insurance Co. of America.

Completed in 2005, the community incorporates two interconnected 21-story towers which encompass one- and two-bedroom floorplans ranging from 711 to 1,158 square feet. Apartments feature in-unit washers and dryers, walk-in closets and LED lighting. Common-area amenities include a 24-hour fitness center, indoor pool, playroom, cyber café, conference room and dog park.

Located at 15 Bank St., the property is close to Bronx River Parkway, roughly 30 miles north of New York City and some 7 miles from the Westchester County Airport. It is also less than a mile from the White Plains Hospital and within walking distance of the White Plains train station.

CBRE Vice Chairman Jeffrey Dune and First Vice Presidents Stuart MacKenzie and Eric Apfel, along with Senior Financial Analysts Travis Langer and Daniel Blumenkrantz led the team that represented Heitman in the sale.

A robust national multifamily portfolio

Waterton currently owns some 28,650 units across some 80 properties, according to Yardi Matrix information. As of September 2023, the company’s real estate portfolio was valued at $10.4 billion spanning across more than 20 markets.

One of the firm’s recent sizeable acquisitions was the $88.4 million purchase of a South Florida community of 321 units. Stiles Development sold the 2013-completed asset.

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