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Brokerage
Posted: December 6, 2016
HFF closes $148.5 million sale of La Rochelle tower to DSF Group
Jose Cruz, HFF
Kevin O’Hearn, HFF
Michael Oliver, HFF
Stephen Simonelli, HFF
Andrew Scandalios, HFF
New Rochelle, NY Holliday Fenoglio Fowler, L.P. (HFF) has closed the $148.5 million sale of La Rochelle, a 412-unit, 25-story apartment tower to the Boston-based DSF Group.
La Rochelle, 255 Huguenot Street - New Rochelle, NYHFF marketed the property exclusively on behalf of the seller, 255 Huguenot Street, Corp. The DSF Group purchased the asset free and clear of existing debt.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and supported by senior managing director Andrew Scandalios.
La Rochelle comprises 43 studio, 142 one-bedroom, 185 two-bedroom and 42 three-bedroom units, including loft-style apartments and penthouse suites. The property also has 6,000 s/f of ground-floor retail, a 422-space parking garage and rights for the development of an additional 40-story residential tower.
Amenities include an outdoor swimming pool with sundeck, clubroom with fireplace, conference room, state-of-the-art fitness center, yoga room and a landscaped courtyard with grilling area. La Rochelle is located at 255 Huguenot St., adjacent to the New Rochelle Transit Station, which provides Metro North and Amtrak service to New York City.
“The DSF Group saw significant upside in the tower and the local market,” said Cruz. “Multifamily assets continue to attract core and core plus capital to urban markets within the New York area.”
The DSF Group president Josh Solomon said, “We are thrilled to expand our presence in the New Rochelle submarket after having already enjoyed tremendous success in the market with the purchase of the adjacent 588-unit, 40-story Halstead New Rochelle property.”
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