 |
| 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 | www.hfflp.com
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