Halstead New Rochelle Metro North, the tallest apartment building in Westchester County, sold for $259.4 million.
NEW YORK CITY—Value-add property near mass transit continues to grow as a popular strategy for real estate firms. The DSF Group sold the Halstead New Rochelle Metro North apartments to Azure Partners and Harbor Group International, LLC for $259.4 million. DSF had bought the 40-story, 588-unit apartment building that was built in 2007 in November 2013 for $210 million, according to Real Capital Analytics. The residential tower is located at 40 Memorial Highway in New Rochelle, Westchester County.
HFF marketed the property exclusively on behalf of the seller, bringing in the buyers to close the deal. The apartment, which is 95% occupied, offers market-rate units ranging from studios up to three bedrooms. The building stands along Huguenot Street adjacent to the New Rochelle Metro North train station—as advertised in the property's name.
It's the tallest apartment high-rise in Westchester County. DSF renovated it adding a fitness club and lounge. The apartment also includes a swimming pool, landscaped courtyard, coffee bar, dog park, conference room, business center, billiards room and 6,000 square feet of ground-floor retail.
HFF senior managing director Andrew Scandalios with a team including Jose Cruz, Stephen Simonelli, Kevin O'Hearn, Michael Oliver and JB Bruno represented DSF.
“The asset's visibility and location in the market helped drive demand from all buyer types, including domestic and offshore equity groups,” Cruz says. “Also, the ability to add value by renovating the units was a key driver for the investor pool.”
“We are very pleased with the sale of Halstead New Rochelle,” says DSF president Josh Solomon. “This is another successful execution of our value-add strategy to acquire and reposition transit-oriented multifamily properties in ring communities.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
