NANUET, N.Y. — AvalonBay Communities Inc. (NYSE: AVB) has sold eaves Nanuet, a 504-unit multifamily community in the New York City suburb of Nanuet, for $147 million.
A joint venture between Harbor Group International LLC and Azure Partners LLC purchased the asset free and clear of existing debt. The community is situated on 54 acres at 100 Avalon Gardens Drive. HFF represented AvalonBay in the transaction.
The property is located near Interstate 287’s intersection with the Garden State Parkway and Palisades Interstate Parkway. Nanuet’s Metro North train station and park and ride lot are also located nearby.
The 97 percent-leased community includes 64 buildings with a mix of one-, two- and three-bedroom apartments averaging 1,208 square feet. 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 a fireplace and business center.
Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Robert Borny led the HFF investment sales team representing the seller.
“Demand for well-located, value-add multifamily housing continues to be very strong — especially in high-income submarkets like Nanuet,” says Cruz. “This property is one of the largest in the county and provides investors with significant upside.”
AvalonBay’s stock price closed at $178.83 on Sept. 6, up from $162.77 one year ago.
— Haisten Willis