ELMSFORD, N.Y. — Affiliates of Harbor Group International (HGI) and Azure Partners have purchased Avalon Green in Elmsford, a city in Westchester County, for $306 million. The garden-style apartment community features 617 units. The seller was AvalonBay Communities Inc.
Built in three phases in 1995, 2012 and 2016, Avalon Green includes a mix of townhomes, apartments and stacked flats. Residents have access to a clubhouse, resident lounge, two saltwater pools and detached garages.
The buyers plan to implement a $9.2 million capital improvement program to refresh amenities and common areas and upgrade select units.
The property offers access to I-287 and is five miles from the Metro-North train station, which provides direct service to Manhattan and Stamford, Conn. Additionally, Westchester County is home to corporate campuses of IBM, PepsiCo, Mastercard, Morgan Stanley and Regeneron.
“Avalon Green is an attractive fit for HGI’s multifamily portfolio given its strategic location between several employment centers and transportation options along with the significant value-add potential of the community,” says Richard Litton, president of HGI. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.”
Jose Cruz, Steve Simonelli, Michael Oliver, Andrew Scandalios, Marion Jones and Josh Stein of JLL represented the seller in the transaction.
HGI and its affiliates control an investment portfolio of $19 billion, including 4.9 million square feet of commercial space throughout the United States and the United Kingdom as well as 63,000 apartment units in the United States. In addition to its corporate headquarters in Norfolk, Va., HGI maintains offices in New York, Baltimore, Los Angeles and Tel Aviv.
New York City-based Azure is a real estate investment firm focused on the acquisition and management of assets within high-growth markets throughout the United States. Since its founding in 2010, Azure has purchased approximately $2.5 billion of assets.
— Kristin Hiller