AVALONBAY SELLS NEW ROCHELLE APARTMENTS FOR $210M

NEW ROCHELLE, N.Y. — AvalonBay Communities has sold its Avalon on the Sound East apartment tower in New Rochelle to The DSF Group for $210 million. The sale marks the largest multifamily property sale recorded in Westchester County, according to HFF, which arranged the transaction. HFF marketed the 588-unit, 39-story building on behalf of Arlington, Va.-based AvalonBay. The sales price equates to approximately $357,000 per unit. Avalon on the Sound East is located at 40 Memorial Highway within a block of the Metro-North Railroad’s New Rochelle train station and less than a mile from Interstate 95. The high-rise building features one-, two- and three-bedroom units, and 7,607 square feet of ground-floor retail. Amenities include a 24-hour fitness center, outdoor heated pool, rooftop resident lounge, community room, game room, garage parking and 24-hour concierge service in the building. Jose Cruz and Scandalios, Kevin O’Hearn, Jeffrey Julien and Rob Hinckley of HFF arranged the transaction.