Wednesday, June 26, 2013

HFF closes $34 million sale of multi-housing community in White Plains, NY

Jose Cruz
FLORHAM PARK, NJ – HFF announced today that it has closed the sale of 25 Martine Avenue, a 12-story, 124-unit multi-housing community in White Plains, New York.

                HFF marketed the property on behalf of the seller, a joint venture between Korman Communities and an institutional partner.  The DSF Group purchased the community for $34 million free and clear of existing debt.

Andrew Scandalios
                25 Martine Avenue, situated in downtown White Plains, is located adjacent to The Galleria at White Plains, close to The Bronx River Parkway and Interstate 287, and directly across from the Metro-North White Plains train station providing access to Manhattan. 

Kevin O'Hearn
Renovated in 2004, the property features studio, one- and two-bedroom units averaging 727 square feet each.  Community amenities include a fitness center, residents lounge, internet café and a 159-space parking garage.

According to Jose Cruz, “DSF has been very active in the Northeast during the last several years.  This was DSF’s first acquisition in the New York area and they did a great job of working through the transaction and closed on time.” 

                The HFF team representing the sellers was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Stephen Simonelli.

Jeffrey Julien
Celebrating 100 years of real estate management and investment experience, Korman Communities seeks acquisition opportunities for its premier AKA and AVE brands. 

Korman Communities specializes in AAA quality properties in major urban markets across the United States and in London. 

Stephen A. Simonelli
The primary growth markets for Korman Communities include New York City metro (including northern New Jersey and southern Connecticut), Philadelphia metro, Washington metro (including District of Columbia, northern Virginia, and southern Maryland), Boston, Los Angeles, San Francisco, and London.

With more than $1.5 billion invested in four million square feet since 2000, the DSF Group has quietly become one of the most successful private real estate investment firms in the country.
For a complete copy of the company’s news release, please contact:

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

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