FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has represented The DSF Group in the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story, 588-unit, Class A apartment tower in New Rochelle, Westchester County, New York.
The HFF team marketed the property exclusively on behalf of the seller, The DSF Group (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-percent-occupied, market-rate studio through three-bedroom units averaging 956 square feet. The transit-oriented property, which has earned a Walk Score® of 97, is situated along Huguenot Street 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, state-of-the-art sports club, which includes cardio machines, free weights, weight machines, yoga studio, spin room and lounge. Additional amenities include a resort-style swimming pool, resident lounge, landscaped courtyard, coffee bar, dog park, conference room, business center, billiards room and nearly 6,000 square feet of on-site, ground-floor retail.
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 asset’s visibility and location in the market helped drive demand from all buyer types, including domestic and offshore equity groups,” Cruz stated. “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,” stated 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.”
About The DSF Group: With over $2.6 billion invested in real estate since 2000, offices in Boston and Washington D.C. and decades of deep-seated experience, The DSF Group strives to create unique, award-winning properties. DSF acquires well-located multifamily properties near transportation hubs and then repositions the properties through the implementation of well thought-out renovations, amenities and technology. From development and renovations through construction and asset management, financing and design, The DSF Group is a hands-on operator. The steady involvement of its principals drives the results of every project it invests in. For more information, please visit us at thedsfgroup.com
About Azure Partners LLC: Azure Partners LLC is a real estate private equity firm based in New York City focused on the acquisition and management of real estate assets within high-growth markets in the United States. Azure’s primary investment objective is to produce superior risk adjusted returns while giving investors current cash return on equity and minimizing downside risk.
Since its founding in 2010, Azure has purchased in excess of $1.6 billion of assets, including more than 8,000 multifamily units and 700,000 square feet of retail. For more information, please visit azurep.com
About Harbor Group International, LLC: Harbor Group International, LLC is a private real estate investment and management firm, which controls a portfolio of worldwide assets valued in excess of $7.8 billion. HGI is headquartered in Norfolk, Virginia, with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include five million square feet of commercial properties and in excess of 30,000 apartment units. For additional information, please visit harborgroupint.com
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.