N.Y. state multifamily community sells for $306m

Affiliates of Harbor Group International and Azure Partners have formed a joint venture for the $306 million acquisition of Avalon Green, a garden-style multifamily community in Elmsford, N.Y.

HGI plans to implement a $9.2 million capital improvement program across the community to refresh amenities and common areas and modernize select interior units.

Built in three phases in 1995, 2012 and 2016, respectively, the property totals 617 units and features a mix of townhouses, apartment homes and stacked flats. A portion of HGI’s capital improvement program will focus on updating the interiors in Phase I and Phase II of the community to include contemporary finishes.

Located in Westchester County, Avalon Green offers residents convenient commuter access to nearby employment centers, including New York City, Rockland County and Fairfield County. The property is near Interstate 287 and Saw Mill River Parkway, and is a 10-minute drive to the region’s Metro-North t