Harbor Group International and Azure Partners bought a 588-unit class A apartment tower in New Rochelle, New York, from DSF Group for $259.4m. The 40-story Halstead New Rochelle is the tallest apartment tower in Westchester County, offering views of the Long Island sound and the Manhattan skyline. Completed in 2007, the asset is currently 95 percent leased with monthly rents varying between $1,710 for a studio and $3,471 for a three-bedroom unit. Holliday Fenoglio Fowler represented the seller during the transaction and procured the buyers.
“This asset’s visibility and location in the market helped drive demand from all buyer types, including domestic and offshore equity groups,” said Jose Cruz of HFF. “Also, the ability to add value by renovating the units was a key driver for the investor pool.”
