Harbor Group International JV acquires N.Y. apartment building for $259m
A venture of Harbor Group International and Azure Partners has paid $259 million for the 40-story apartment tower Skyline New Rochelle in New Rochelle, N.Y.
The seller, DSF Group, bought the 588-unit apartment tower in 2013 for $210 million.
The tower was built in 2007 by AvalonBay Communities and also features about 8,000 square feet of ground-floor retail space and a parking garage. The apartments are 95.6 percent occupied as of the sale.
HGI said it would spend $5.5 million on interior upgrades.
The purchase marks the first in Westchester for Harbor Group International.
“This property continues HGI’s strategy of acquiring class A assets in top-tier markets with great demographics and strong employment drivers,” said T. Richard Litton Jr., president of HGI. “New Rochelle is a New York City Metro commuter hub with easy access to multiple forms of transportation. The property has been maintained to a high standard and has a wide assortment of quality amenities.”
The company has been expanding its New York metro investments, which total $1.5 billion in office, retail, industrial and multifamily properties, as well as debt investments.