While some sectors of the real estate sector have softened of late, "rental apartments are very strong and are attracting significant demand among investors," he says.

Archstone-Smith looked to purchase the property as a means of securing a foothold in the Westchester market, Dunne says. The Denver-based owner, developer and acquirer and operator of residential apartments, is currently building "Archstone Stamford," a low-rise residential community that will total approximately 160 rental apartment units in downtown Stamford, CT.

Archstone-Smith boasts a total capitalization of approximately $9.4 billion and has a portfolio that includes 232 garden-style and high-rise properties across the United States. The company's properties feature 80,744 units, including 3,545 units under construction as of November of last year. The firm, as constituted, is the result of a merger that closed on Oct. 31 between Archstone Communities and Charles E. Smith Residential Realty of Washington, D.C. The merger deal had a market value estimated at $3.6 billion.

Mack-Cali Realty is self-administered, self-managed (REIT) that owns or has interests in 266 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.4 million sf.