HFF closes $147 million sale of 504-unit multi-housing community in Nanuet, New York
FLORHAM PARK, NJ – September 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $147 million sale of eaves Nanuet, a 504-unit multi-housing community in Nanuet, New York.
HFF marketed the property exclusively on behalf of the seller, AvalonBay Communities, Inc. A joint venture between Harbor Group International, LLC and Azure Partners LLC purchased the asset free and clear of existing debt. This transaction represents one of the largest apartment sales to have occurred in Rockland County, New York.
eaves Nanuet is situated on 54 acres at 100 Avalon Gardens Drive in the Rockland County community of Nanuet. The transit-oriented property is located near Interstate 287’s intersection with the Garden State Parkway and Palisades Interstate Parkway and Nanuet’s Metro North train station and park and ride lot, providing access to the George Washington Bridge and Midtown and Lower Manhattan. The 97-percent-leased community has 64 buildings totaling 504 homes, with a diverse mix of one-, two- and three-bedroom apartments averaging 1,208 square feet in size. Apartments feature loft spaces, gas fireplaces, closet and attic storage, in-unit washers and dryers, direct-access personal garages and patios/balconies. Community amenities include an outdoor swimming pool with sun deck, two tennis courts, grilling areas, two playgrounds, clubhouse, fitness center, yoga room, indoor basketball and racquetball courts and a resident lounge with fireplace and business center.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Robert Borny.
“Demand for well-located, value-add multi-housing continues to be very strong – especially in high-income submarkets like Nanuet,” said Cruz. “This property is one of the largest in the county and provides investors with significant upside.”
About AvalonBay Communities, Inc.
AvalonBay Communities, Inc. is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States. As of June 30, 2016, the company owned or held a direct or indirect ownership interest in 283 apartment communities containing 82,984 apartment homes in 10 states and the District of Columbia, of which 23 communities were under construction and seven communities were under reconstruction. More information may be found on the company’s website at www.avalonbay.com.
About Harbor Group International, LLC
Harbor Group International, LLC (HGI) is a private real estate investment and management firm, which controls a portfolio of worldwide assets valued at approximately $4.5 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include approximately 5.1 million square feet of commercial properties and approximately 23,000 apartment units. For additional information, please visitwww.harborgroupint.com.
About Azure Partners LLC
Azure Partners LLC (Azure) is a real estate private equity firm based in New York City focused on the opportunistic acquisition and management of real estate assets within high-growth markets in the United States. Since its founding in 2010, Azure has acquired in excess of $800 million of real estate in the multifamily and retail sectors.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.