A fund managed by Goldman Sachs Asset Management has acquired Avalon Bronxville, a 110-unit apartment community located outside of New York City in Bronxville. The fund purchased the property for an undisclosed price from AvalonBay Communities.

This was a rare opportunity to own an apartment property in the prestigious market, which is only 15 miles north of New York City. The area is a popular stomping ground for high net worth professionals from the city thanks to some of the top public schools in the country a thriving retail scene with more than 150 boutiques. The apartment building was developed in 1999 and renovated in 2012.

CBRE's Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, Travis Langer and Stuart MacKenzie represented the seller in the deal and procured the buyer. In a statement, Dunne said the property had significant investment interest.