YONKERS, NY–Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, has arranged a bulk sale of the remaining 90 units in Tower I at Monarch at Ridge Hill, GlobeSt.com has learned EXCLUSIVELY.
The 163-unit luxury condominium complex was sold by Horizon at Ridge Hill LLC and bought by UOB Eagle Rock Multifamily Property Fund LP.
IPA's SVPs of investments Victor Nolletti and Steve Witten, along with Jacob Levy, a Marcus & Millichap first vice president, investments, advised both parties to the deal. UOB's broker is J.D. Parker, first VP in Marcus & Millichap's Manhattan office.
Built in 2007, Monarch at Ridge Hill is close to New York City, sitting just 11 miles from the George Washington Bridge and 16 miles from Manhattan's Upper West Side.
Monarch at Ridge Hill is considered a “new urbanism residential development that combines traditional planning and modern technology.” Located in a hilltop village with shopping, dining and entertainment, the property includes a mix of open spaces and activities.
Tower I is part of a master development that sits close to healthcare, a Whole Foods store, high-end retail stores and restaurants.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
