A joint venture between Harbor Group International and Azure Partners has bought the 504 unit eaves Nanuet apartment community in Nanuet New York. The $147 million deal encompasses 64 buildings with one, two and three bedroom units averaging 1,208 sqf. The property is located on 54 acres at 100 Avalon Gardens Drive near Interstate 287’s intersection with the Garden State Parkway and Palisades Interstate Parkway, and easy access to the George Washington Bridge and Manhattan.
The buyers secured a $110 million loan for the purchase from New York Community Bank with a five-year acquisition loan. Meridian Capital Group’s Moshe Majeski, Abe Hirsche and Zev Karpel negotiated the interest-only loan on behalf of the partnership. At the time of the sale the property was 97 percent leased. HFF marketed the property on behalf of the seller, AvalonBay Communities. “Demand for well-located, value-add multi-housing continues to be very strong–especially in high-income submarkets like Nanuet,” said Jose Cruz, HFF. “This property is one of the largest in the county and provides investors with significant upside.”
