Monday, November 18, 2013

HFF closes $210 million sale of Avalon on the Sound East in New Rochelle, NY to The DSF Group

Avalon on the Sound East, New Rochelle, NY

Jose Cruz

NEW YORK, NY – HFF announced today that it has closed the sale of Avalon on the Sound East, a 588-unit, 39-story, Class A multi-housing tower in New Rochelle, New York. 

HFF marketed the property on behalf of the seller, AvalonBay Communities, Inc.  The DSF Group purchased the asset for $210 million, approximately $357,000 per unit.  This is the largest recorded multi-housing sale in Westchester County.

Avalon on the Sound East is located at 40 Memorial Highway within one block of the Metro-North Railroad’s New Rochelle train station and less than a mile from Interstate 95. 

Andrew Scandalios
Completed in 2007, the luxury high-rise building includes one-, two- and three-bedroom units averaging 956 square feet each, as well as 7,607 square feet of ground-floor retail. 

Community amenities include a 24-hour fitness center, outdoor heated pool, rooftop resident lounge, community room, game room, garage parking and 24-hour concierge service.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Rob Hinckley.

Kevin O'Hearn
According to Scandalios, “Avalon saw an opportunity to capitalize in a strong investment market.”  “This is DSF’s second purchase in Westchester in the last twelve months.  To complement its first high-profile property in downtown White Plains, the company will now also own the most prominent building in New Rochelle,” added Cruz

AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States.  These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country.

Jeffrey Julien
Since 2000, the DSF Group has invested more than $2 billion in five million square feet and has quietly become one of the most successful private real estate investment firms in the country. 

With offices in Boston and Washington D.C., three decades of experience and a track record unrivalled in the industry, the DSF Group offers investors and communities the unique combination of expertise, vision and hands-on involvement, in both converting and redeveloping existing properties and in developing new properties from the ground up.

Rob Hinckley
Among numerous other industry recognitions, DSF Group was selected by the National Association of Home Builders (NAHB) as the 2011 Multifamily Development Firm of the Year. For more information, visit

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

777 Brickell Keeps Hencorp Beckstone for 20,000 Square Foot Renewal in Miami’s Financial District

777 Brickell in Miami's Financial District

Andrew Trench
MIAMI, FL - Taylor & Mathis’ Andrew Trench has signed Hencorp Beckstone ( to a 20,000 square foot renewal at 777 Brickell in Miami’s Brickell Financial District. 

The financial services firm conducted an extensive search for space before deciding to stay at 777 Brickell.

 “While their search extended to some of the new office space on the market they ultimately chose to stay at 777 Brickell,” according to Trench. 

William Holly
“Newer isn’t always better.  777 Brickell is a prestigious office building, impeccably maintained with class A finishes.” 

The ten year lease is valued at $7.5 million.  The deal was co-brokered by William Holly of Pointe Group Advisors.

For a complete copy of the company’s news release, please contact:

Brian Gale
Andrew Trench

4th New Condo Project Completed In South Florida Since Crash Of 2007

Bellini Williams Island condominiums, Aventura, FL in northeast Miami-Dade County, FL

MyBrickell condos
downtown Miami, FL
MIAMI, FL -- With at least 175 new condo towers already proposed for South Florida, a fourth condo project has been completed while at least two more towers are scheduled to be delivered before the end of the year as the region's real estate market shows signs of recovering from the dramatic downturn of 2007, according to a new report from

The newly completed Bellini Williams Island condominium complex with 70 units in Aventura in Northeast Miami-Dade County recorded its first transaction in the 24-story tower fronting the Intracoastal Waterway on October 31, 2013, according to Miami-Dade County records.

In addition to the Bellini Williams Island, at least two other new condo projects - MyBrickell in Greater Downtown Miami and the Regalia in Sunny Isles Beach - are expected to complete construction by the end of 2013, according to marketing literature from each project.

In the Aventura market, a combination of domestic and international developers - in unrelated projects - are proposing to construct nine towers with nearly 1,100 new condo units in a market that stretches from Northeast 163rd Street north to the Broward County line, and the Atlantic Ocean west to Federal Highway as of November 15, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Regalia condos
Sunny Isles Beach, FL
Overall in South Florida, at least 176 new condo towers with nearly 23,100 units are proposed, planned, under construction, or recently completed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach as of November 15, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC
225 Midtown Building
225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137. 800-750-0517.