Multifamily Community in Yonkers Changes Ownership, Adds More Units
- Oct 22, 2015
Less than six months after taking over two residential development sites totaling 1.85 acres in Jersey City, N.J., Strategic Capital went shopping again along the Hudson River—this time in downtown Yonkers, less than 15 miles from Grand Central Station in Manhattan.
The company recently acquired Hudson Park, a 16-acre multifamily community consisting of three buildings on Alexander Street. The properties were sold for an undisclosed amount in a transaction brokered by HFF on behalf of the seller, a joint venture partnership between Collins Enterprises LLC and Berkshire Group. Senior Managing Directors Jose Cruz and Andrew Scandalios, Managing Director Kevin O’hearn and Associate Directors Steve Simonelli and Michael Oliver led the HFF investment sales team. Shearman & Sterling LLP provided legal counsel to Strategic Capital, the US-based investment platform of the world’s largest construction and real estate conglomerate, China State Construction Engineering Corporation (CSCEC).
“The entrance of foreign capital into the Westchester market, and more specifically Yonkers, is an example of how the investment community perceives the submarket to have significant growth,” stated Cruz. “The level of interest in the property was very high given the quality of the buildings, additional development rights and location along the train line.”
Built under New York State’s Brownfield Clean-Up Program, the Hudson Park community broke ground in early 2000s with Phase I, Hudson Park South—which was completed in spring 2003 and includes 266 one-and two-bedroom luxury apartments and around 15,500 square feet of office and retail space. Phase II of development, Hudson Park North, was completed in spring 2008 and consists of 294 one- and two-bedroom luxury apartments with 5,500 square feet of community space and a courtyard, as well as free-standing parking garage. Last month, the development team broke ground on the third and final phase of development. Set for completion in mid-2017, the $85 million residential building will include 213 studio and one- and two-bedroom rental units, a health club, event space, recreation area, and parking for 160 vehicles.
According to an official statement announcing the deal, the completed residential component of Hudson Park is currently 98 percent leased. With the third building under development, Strategic Capital’s total investment in the three buildings will exceed $250 million.
Image via Hudson Park Apartments