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Stellar Acquires Apartment Portfolio for $50M

NEW YORK CITY-Locally based Stellar Management acquires a tri-state area apartment portfolio for approximately $50 million. The 12 properties are in here, in Yonkers and in Scarsdale.

By Barbara Jarvie | Updated on August 15, 2005

(To read more on the multifamily market, click here.)

NEW YORK CITY-Stellar Management has acquired a 1,200-unit apartment portfolio for $50 million. The 12-building portfolio includes three apartment properties here, eight in Yonkers, NY and one in Scarsdale.

The locally based Stellar acquired the rental package from a private family estate. Another locally based firm, DeMarzo Realty Co., negotiated on behalf of the estate. “This was a special instance where we worked on behalf of several family members–none knowledgeable in real estate–who had inherited a large portfolio of residential properties,” explains the firm’s president Anne DeMarzo. She notes that working with a seller of this type requires a distinct approach. “We knew we could not simply present the portfolio to the largest group of potential buyers. Instead, we sought potential buyers that would have the patience and flexibility required to work on a complex deal with a diverse group of owners.”

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