Institutional Property Advisors brokers multifamily asset sale

White Plains, NY Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, have completed the sale of One Dekalb, a 76-unit boutique multifamily property. The asset traded for $31.5 million, or $414,474 per unit.

“One Dekalb is a fully leased, core-plus asset located in the highly sought-after Downtown White Plains submarket, which provides residents with a high quality of life, walkability, and direct proximity to New York City,” said Eric Pentore, IPA vice president.

Pentore handled the transaction with team members Victor Nolletti, IPA executive managing director, Wes Klockner, and Ross Friedel. The IPA team represented the seller and procured the buyer, Benchmark Real Estate Group, in association with John Horowitz, Marcus & Millichap’s broker of record in New York.

The property is in Downtown White Plains, one block from The Westchester, an 860,000 s/f shopping mall. Restaurant Row on Mamaroneck Ave., Renaissance Plaza, and City Center at White Plains are nearby.

Completed in 2019, One Dekalb’s community amenities include a rooftop terrace, resident lounges, and co-working spaces. Apartments have keyless entry systems, open floor plans, full-size washers and dryers, and oversized windows.