FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $7.475 million sale of three apartment properties totaling 65 units in New Rochelle, New York.
HFF marketed the properties on behalf of the seller, JEM Holdings. Virginia City, LLC purchased the offering and assumed the existing mortgage.
The three apartment buildings are located at 347 Huguenot Street, 778 Main Street and 10-14 Glencar Avenue. All of the properties provide easy access to public transportation and major thoroughfares and are centrally located within the New Rochelle market. The portfolio has a mix of 39 one-bedroom units, 24 two-bedroom units and 2 three-bedroom units and all three properties are 100 percent leased. 778 Main Street also includes one fully-leased ground floor retail space.
The HFF investment sales team was led by associate director Stephen Simonelli along with senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Michael Oliver.
“The New Rochelle portfolio represented the opportunity to acquire three well-located apartment communities within one of Westchester County’s strongest submarkets. The seller was able to take advantage of the significant desire for multi-housing properties in Westchester County, while the buyer will be able to add substantial value to the portfolio,” said Simonelli.
About JEM Holdings: JEM Holdings is a New York-based real estate investment firm that acquires undervalued and value-add multifamily properties. For more information, please visit www.jemreholdings.com.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.