News:
Brokerage
Posted: August 9, 2022
Harbor Group International, LLC and Azure Partners JV acquire Avalon Green multifamily community for $306 million
Elmsford, NY Affiliates of Harbor Group International, LLC (HGI) and Azure Partners (Azure), unveiled their joint venture for the $306 million acquisition of Avalon Green, a garden-style multifamily community. HGI plans to implement a $9.2 million capital improvement program across the community to refresh amenities and common areas and modernize select interior units.
Built in three phases in 1995, 2012 and 2016, respectively, the property totals 617 units and features a mix of townhouses, apartment homes and stacked flats. A portion of HGI’s capital improvement program will focus on updating the interiors in Phase I and Phase II of the community to include contemporary finishes.
Located in Westchester County, Avalon Green offers residents commuter access to nearby employment centers, including New York City, Rockland County and Fairfield County. The property is near I-287 and Saw Mill River Pkwy., and is a 10-minute drive to the region’s Metro-North train station, providing direct service to Manhattan and Stamford, Conn. Westchester County also features several notable corporate campuses, including IBM, PepsiCo, Mastercard, Morgan Stanley and Regeneron.
“Avalon Green is an attractive fit for HGI’s multifamily portfolio given its strategic location between several employment centers and transportation options along with the significant value-add potential of the community,” said Richard Litton, president, HGI. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.”
Amenities offered at the property include two saltwater swimming pools, a clubhouse and resident lounge and detached garages.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE secures 5,754 s/f lease with GKV Architects at 360 Lexington Avenue
Manhattan, NY AmTrustRE has executed a 5,754 s/f lease at its premier boutique Midtown East office tower, 360 Lexington Ave., with longtime partner GKV Architects. The award-winning firm will occupy a portion of the 14th floor. >“GKV Architects has been a trusted partner to AmTrustRE for over two decades, playing an integral role in shaping and elevating several
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
