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| Avalon on the Sound East, New Rochelle, NY |
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| 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.
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| 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.
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| 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.
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| 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.
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| 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 | www.hfflp.com
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