Dunne, Pride and Apfel of CBRE sell 300-unit Talleyrand Apartments in Tarrytown for $91 million

 

 

 

Tarrytown, NY According to CBRE Group, Inc., Jeffrey Dunne, Gene Pride and Eric Apfel represented the seller, a U.S.-based REIT, in the sale of Talleyrand Apartments, a 300-unit multifamily community located at 1202 Crescent Dr., to an affiliate of The DSF Group. 

According to public records, the sale price was $91 million.

Talleyrand’s location benefits from an excellent school system and provides access to Midtown Manhattan via the Metro North Railroad, which gets commuters to Midtown in 30 minutes. An additional benefit of the location is that Westchester County has experienced strong historical rental growth. Rents in the area have increased by more than 3.1% on average since 2009, as there is limited new supply in the region due to the high barriers of entry for new construction.

“We are pleased to have represented our client in the sale of Talleyrand Apartments.  There was strong demand for the offering given the fantastic location in Tarrytown, which continues to be recognized as one of the hottest neighborhoods in Westchester with value add potential,” said Dunne, a vice chairman at CBRE. “The DSF Group will do very well with the asset, as they have a great track record of creating value with similar opportunities. Purchasing the Talleyrand Apartments is a logical expansion of their current Westchester portfolio.”

Josh Solomon, president of DSF, said, “We are excited to further expand our presence within the metro New York market, and we look forward to bringing our amenity-rich Halstead brand to Tarrytown.”

CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a client base of institutions, corporations, private investors, developers and REITs and has closed over $11 billion in property sales in all property types over the last five years including $1.8 billion of apartment sales since 2014.