Hudson Valley Property Group buys 311 units for $48.3 million; CBRE Affordable Housing and CBRE’s NY Institutional Group handle sale

September 17, 2019 - Front Section

Yonkers, NY CBRE Affordable Housing and CBRE’s New York Institutional Group have completed the sale of the 311-unit, affordable housing community known as Parkledge. The property sold to Hudson Valley Property Group (HVPG) for $48.3 million. Tim Flint, executive vice president of CBRE Affordable Housing, along with Jeff Dunne, Gene Pride and Eric Apfel represented the seller in the transaction. 

Tim Flint,
CBRE Affordable Housing

 

Jeff Dunne,
CBRE NY Institutional Group

 

Gene Pride,
CBRE NY Institutional Group

 

Eric Apfel,
CBRE NY Institutional Group

 

The property has maintained a high occupancy of over 97% since 2016 and 90% of Parkledge’s units are kept affordable by a LIHTC Land Use Restrictive Agreement. The property has a mix of one-, two-, three-, and four-bedroom apartments, making Parkledge an attractive location for families. The property is a 30-minute commute from downtown Manhattan.

“New York continues to be a hotbed for affordable housing investments,” said Flint, “We saw multiple attractive offers on this property and were able to secure a great buyer for the property – ensuring that much needed affordable housing will stay available in the greater New York area.

“Yonkers continues to experience strong investor interest given its proximity to Manhattan and the vast improvements and redevelopment occurring throughout the city,” said Dunne.

Equity for the transaction was provided by Hudson Valley Preservation Fund. The new owner plans to preserve the property as quality affordable housing and continue to invest in the building, prioritizing renovations that will increase energy efficiencies and resident security and quality of life. 

“My partner and I were born and raised in the Hudson Valley. We’re excited to be able to ensure that Parkledge remains quality affordable housing for families here in Yonkers for many years to come,” said Jason Bordainick, president at HVPG. “We thank the City and IDA for their support and for CBRE in running a smooth process. We look forward to building upon the work of previous ownership in continuing to make the property a great place to call home for the residents.”

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