CBRE BROKERS TWO MULTIFAMILY SALES TOTALING $149.5 MILLION
NEW ROCHELLE, N.Y., AND WESTWOOD AND RIVER VALE, N.J. — CB Richard Ellis (CBRE) has brokered two multifamily sales in New York and New Jersey for a total of $149.5 million. Hartz Mountain Industries was the buyer in both deals, which were completed to satisfy a 1031 exchange.
The first deal is 255 Huguenot Street, a 25-story, high-rise apartment tower located in downtown New Rochelle. It features 412 units. Amenities include a fitness center, an indoor basketball court, an outdoor swimming pool and a gated entrance with controlled access.
“Hartz Mountain has acquired, in 255 Huguenot Street, a trophy-quality, Class A apartment community immediately adjacent to the Amtrak/Metro North rail station and the many retail amenities in downtown New Rochelle,” said Jeff Dunne of CBRE's New York Institutional Group, who represented Hartz Mountain along with Christopher Leonard and Brian Shulz, also of the Institutional Group.
The second deal included a portfolio of four, mostly garden-style communities located in New Jersey's Bergen County. The 103-unit Coventry Square Apartments, the 71-unit Stanford Court and the 56-unit The Madison are located in Westwood. The fourth property is the 47-unit Village on the Green, which is located in River Vale.
James Gunning and Donna Falzarano of CBRE Debt & Equity Finance secured funding for the purchase in the form of a long-term, fixed rate loan with Freddie Mac.
— Coleman Wood