NEW YORK, NY - A joint venture between affiliates of Cantor Fitzgerald, a globally recognized financial services and real estate investment company, and Harbor Group International, a privately owned international real estate investment and management firm announced the acquisition of Avalon Mamaroneck, a 229-unit Class A multifamily community in the Westchester County suburb of Mamaroneck, New York.
"Avalon Mamaroneck offers an attractive, well-located housing option situated in the affluent area of Westchester County's Gold Coast," said Yisroel Berg, Chief Investment Officer – Multifamily at HGI. "We are thrilled once again to partner with Cantor Fitzgerald to acquire a high-quality asset."
"Mamaroneck has many of the desirable attributes we target when acquiring multifamily properties, including a well-educated and high-earning workforce, supply constraints for new construction, and an imbalance between the cost of renting an apartment and home ownership," shared Matthew Keefer, Head of Multifamily Acquisitions at Cantor Fitzgerald Asset Management.
Avalon Mamaroneck was built in 1999 and renovated in 2018; the property is a premier community offering luxury in unity amenities, including washers and dryers, stainless steel appliances, walk-in closets, and balconies. Avalon's property amenities include a pool, BBQ stations, resident lounges, a fitness center, and package assistance.
Located approximately 20 miles north of Manhattan, Avalon Mamaroneck is situated within a five-minute walk to the Metro-North Train Station and 0.3 miles from Interstate 95, offering residents unique access to the major employment and cultural hub of New York City. Mamaroneck is located in the prestigious Westchester County, which features some of the top public schools in the country, as well as an amenity-rich downtown area featuring dining, shopping and entertainment.
"With the acquisitions of Avalon Mamaroneck and The Archer in Acworth, located in the greater Atlanta area, along with HGI assuming property management at Summerfield at Morgan Metro in the greater Washington D.C. area, our relationship with HGI continues to grow. We are thrilled to add HGI to our group of first-class operating partners who share our commitment to creating shareholder value," added Chris Milner, Chief Investment Officer – Real Assets at Cantor Fitzgerald Asset Management.
Newmark's Bill Weber and Henry Stimler introduced Cantor Fitzgerald and HGI and secured the financing for the acquisition. CBRE represented the seller, AvalonBay Communities, with Jeff Dunne brokering the sale.