HFF reps. The DSF Group in the $259.4 million sale–Azure Ptrs. and Harbor Grp. are buyers

 

 

 

 

 

 

New Rochelle, NY According to Holliday Fenoglio Fowler, L.P., (HFF) it has represented The DSF Group (DSF) in the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story, 588-unit, class A apartment tower in Westchester County.

The HFF investment advisory team representing The DSF Group included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and JB Bruno, along with Andrew Scandalios. The HFF team marketed the property exclusively on behalf of the seller, DSF, and procured the buyers, Azure Partners and Harbor Group International, LLC.

Halstead New Rochelle Metro North was completed in 2007 and comprises a mix of 95%-occupied, market-rate studio through three-bedroom units averaging 956 s/f. 

The transit-oriented property, which has earned a Walk Score of 97, is situated along Huguenot St. adjacent to the New Rochelle Metro North train station and is within walking distance to New Rochelle’s many shops and restaurants.  As the tallest apartment tower in Westchester County, residents enjoy panoramic views of the Long Island Sound and Manhattan skyline.  DSF purchased the property in November 2013 and implemented an amenity renovation program, including the delivery of a 40th floor, sports club, which includes cardio machines, free weights, weight machines, yoga studio, spin room and lounge.  Additional amenities include a swimming pool, resident lounge, landscaped courtyard, coffee bar, dog park, conference room, business center, billiards room and nearly 6,000 s/f of on-site, ground-floor retail.

“The asset’s visibility and location in the market helped drive demand from all buyer types, including domestic and offshore equity groups,” Cruz said.  “Also, the ability to add value by renovating the units was a key driver for the investor pool.”

“We are very pleased with the sale of Halstead New Rochelle,” said DSF president Josh Solomon.  “This is another successful execution of our value-add strategy to acquire and reposition transit-oriented multifamily properties in ring communities.”