NEW ROCHELLE, NY-AvalonBay Communities has sold its Avalon on the Sound East apartment tower here to The DSF Group for $210 million. That price makes it the largest multi-family property sale ever recorded in Westchester County, according to HFF, which handled the transaction.
HFF exclusively marketed the 588-unit, 39-story building on behalf of AvalonBay. The company says the sales price works out to approximately $357,000 per unit.
“Avalon saw an opportunity to capitalize in a strong investment market,” said Andrew Scandalios of HFF. He noted that this is DSF's second purchase in Westchester in the last twelve months. The first was a building in downtown White Plains.
Avalon on the Sound East is located at 40 Memorial Highway within a block of the Metro-North Railroad's New Rochelle train station, and less than a mile from Interstate 95. The six-year-old high-rise has one-, two- and three-bedroom units, and 7,607 square feet of ground-floor retail. There is a 24-hour fitness center, outdoor heated pool, rooftop resident lounge, community room, game room, garage parking and 24-hour concierge service in the building..
HFF's investment sales team was led by senior managing directors Jose Cruz and Scandalios, with Kevin O'Hearn, Jeffrey Julien and Rob Hinckley.
AvalonBay is a major developer and manager of high-quality apartment communities in various sections of the country, including the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California.
Since 2000, DSF Group has invested more than $2 billion in five million square feet and has quietly become one of the biggest private real estate investment firms in the country. It has offices in Boston and Washington D.C.
HFF operates out of 21 offices nationwide, providing commercial real estate and capital markets services to the commercial real estate industry.
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