NRP Group JV Sells Suburban New York Asset
The new ownership took out a $100.9 million Freddie Mac loan.
A joint venture between The NRP Group and RPW Group sold the 303-unit multifamily community The Halden in White Plains, N.Y.
A partnership between Aker Cos. and JSB Capital Group acquired the property and took out a $100.9 million Freddie Mac loan through JLL Real Estate Capital, according to Westchester County records. The note matures in November 2034.
JLL Capital Markets worked on behalf of the sellers and procured the buyers.
The previous owners broke ground on the project in August 2020 and the property came online in 2023. The Halden was 96 percent occupied at the time of sale.
Consisting of three five-story buildings, the LEED-certified community features one- to three-bedroom floorplans ranging from 630 to 1,842 square feet. A total of 19 units are designated as affordable.
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Common-area amenities include a clubroom, conference room, cafe and lounge fitness center, swimming pool and outdoor lounge seating. Additionally, the property has a pet spa, bike storage, children’s playground and courtyard with grilling stations.
Located at 1137 Westchester Ave. on 74 acres, The Halden has access to Interstate 287 and is less than 5 miles from downtown White Plains. JFK International Airport is 30 miles away, while Manhattan is 28 miles southwest.
The residential property is part of Westchester County’s first mixed-use park. RPW Group owns and manages a 620,000-square-foot office complex adjacent to The Halden.
Sales in White Plains remain low
Multifamily transaction activity remained slow in White Plains, as only three communities traded year-to-date as of October, totaling more than 1,000 units, according to Yardi Matrix information. During that same period last year, five properties encompassing 489 apartments changed hands.
In early 2024, Heitman sold the 502-unit 15 Bank for $195 million to Waterton. The 21-story tower previously traded in 2017, when Heitman acquired it from the County of Westchester Industrial Development Agency.
