PALO ALTO, CA - PUI’s Structured Finance Group announced today that it has provided Preferred Equity for the acquisition of Halstead Station, a 24-story, 408-unit luxury, high-rise multi-housing community located at the Metro North train station in New Rochelle, Westchester County, New York.
JLL represented the seller, The DSF Group. Kholsa Capital LLC acquired the asset.
Built in 2001, Halstead Station features studio, one-, two- and three-bedroom units with open floor plans, large windows with panoramic views, light-filled kitchens and plush carpeting. Select units feature in-unit washers and dryers and walk-in closets. Community amenities include a state-of-the-art fitness center, a resident lounge, a CrossFit gym, a yoga and stretching area, a fully equipped training studio, complimentary fitness classes, an outdoor swimming pool, a courtyard with barbecue grills, a dog bark park, a kids’ lounge, private conference pods and a business center.
The property benefits from its prime CBD location that is at the entrance to the New Rochelle Metro North Station. New Rochelle Station provides access to New York City’s Grand Central Station in under 30 minutes. Additionally, Amtrak passenger rail service offers connections between the region’s prominent cities, including Washington, D.C., New York, Philadelphia, and Boston. Residents also are within walking distance from nearby dining, recreation, and retail.
“We are very excited to partner with an experienced sponsor like Khosla Capital and participate in the acquisition of high-quality real estate in the New York Metro,” said Ash Baraghoush, Managing Director with PUI’s Structured Finance Group who structured the deal. Patrick Freydburg, PUI’s local Investment Director in New York, originated the transaction.
About Pacific Urban Investors: The Palo Alto, CA-based company has over $8.3 Billion in assets under management and owns and manages a national portfolio of more than 19,700 units. The firm and its partners have decades of experience in apartment investments, both repositioning and ‘re-manufacturing’ multifamily assets and their income streams to their optimal, core potential. Pacific has progressed over time to become a best-in-class owner, operator and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds and other sophisticated investors. Pacific is actively acquiring multifamily assets as a principal and providing both co-investment and preferred equity for development, acquisition, and recapitalization.
For more information, please visit www.pacificurbaninvestors.com