FLORHAM PARK, NJ – December 6, 2018 – 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.”