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| Soundview Apartments, 151 Fenimore Road, Mamaroneck, NY |
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| Steve Witten |
MAMARONECK, NY – Institutional Property Advisors (IPA), a
division of Marcus & Millichap Inc. specializing in serving institutional
and major private real estate investors, is pleased to announce the sale of Soundview
Apartments, an 86-unit apartment building overlooking Long Island Sound in
Mamaroneck, N.Y.
The $15.85 million sales price equates to $184,300 per unit.
IPA executive directors Steve Witten, Victor Nolletti,
and IPA senior associates Adam Mancinone and Blake Barbarisi
represented the seller, Soundview Apartments Co. LP.
The buyer is Bayou Properties Inc. J.D. Parker, first
vice president in the firm’s Manhattan office, is Marcus & Millichap’s
broker of record in New York.
“Soundview Apartments is an irreplaceable asset in an exceptionally
high barrier-to-entry locale,” says Nolletti.
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| Victor Nolletti |
“The location, strength of the local rental market, plus the
size and condition of the units, strongly suggests that the new owner can
generate significant additional revenue over time,” adds Witten.
Located at 151 Fenimore Road in Mamaroneck, the property is
within walking distance of downtown Mamaroneck and Harbor Island Park.
The
location is a half-mile from the Mamaroneck train station, which has nearly 50
daily trains to Grand Central Station.
New York City and Westchester, Stamford
and lower Fairfield County employment centers are easily accessible from the
property via Interstate 95 and Hutchinson River Parkway.
Built in 1926 on an 0.82-acre lot, Soundview Apartments
features eight studios, 36 one-bedroom units, 41 two-bedroom apartments, one
three-bedroom unit, a 21-car covered parking garage, a fitness room, on-site
laundry and a private courtyard. Many units have views of Long Island Sound.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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