WHITE PLAINS, NY—Multifamily housing investors in the Westchester market are sitting pretty, thanks to a favorable tilt in the supply and demand equation. But no one wants there to be a lack of development in a market forever, so interested parties—who will speak at the upcoming RealShare Westchester event on April 24—have a clear message for the community: mixed-use developments, particularly those close to mass transit, are the next generation of real estate.
“The multifamily market in Westchester is hot,” says Jose Cruz, senior managing director, HFF. “We've closed two transactions in the last 12 months, totaling $250 million. The biggest one of those was the sale of the Avalon Bay New Rochelle, which was an approximately $210 million deal.”
“This shows the demand for quality multifamily buildings in Westchester. The area has great demographics, it is one of the highest income MSAs in the country, there's a highly educated workforce, good transportation and a great highway system but there's limited product so when something comes on the market, we have well over 10 bids on each unit,” Cruz asserts.
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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.
